Italian Minister Warns Stablecoins Threaten EU Economic Stability
Date: 2025-04-17 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Italian Finance Minister Giancarlo Giorgetti has harshly criticized dollar stablecoins, calling them a serious threat to the economic security of the European Union. According to him, these cryptocurrency assets pegged to the US dollar are becoming increasingly popular among EU citizens for cross-border transfers. This practice allows them to bypass traditional European banks and dollar accounts, which reduces the influence of the EU’s own financial infrastructure.
The minister finds particularly alarming the fact that the euro’s use as an international reserve currency remains limited. Currently, the euro accounts for only about 19% of global reserves, while the dollar holds about 60%. This, according to Giorgetti, calls into question Europe’s financial autonomy and its ability to compete on the international stage.
The EU payment system was also criticized. Giorgetti noted that European crypto platforms are increasingly giving way to foreign competitors, since the EU infrastructure cannot cope with the challenges of the digital age. He emphasized that in order to strengthen Europe's sovereignty and competitiveness, it is urgent to implement its own digital solutions.
The minister named the development of a digital euro as one of such steps. He expressed full support for the initiative of the European Central Bank (ECB) and stated that the digital currency could play a key role in strengthening the euro's international position and reducing dependence on external financial services.
The ECB's chief economist Philip Lane agrees with the minister's position. He noted that the dominance of American payment services such as PayPal and Apple Pay, as well as the growing popularity of dollar stablecoins, poses a risk to the long-term stability of the euro. According to him, if no action is taken, these trends could undermine the euro's status as a key reserve currency in Europe.
Thus, the European Union is faced with the need to urgently modernize its financial system. The introduction of the digital euro and the development of its own payment solutions are seen as important steps towards restoring the region's financial independence.
