Giancarlo Giorgetti, the Economy Minister of Italy, has warned that dollar-based stablecoins are a bigger threat to the Euro than trade disputes. Speaking at an asset management event in Milan, he emphasized that America’s digital currency policies, especially regarding dollar-based stablecoins, offer an attractive method for cross-border payments that European authorities cannot ignore. Giorgetti expressed concerns about the scattered nature of the EU payment industry and called for decisive action to strengthen the Euro’s international position. He also highlighted the benefits of dollar-backed stablecoins for European citizens, arguing that they provide a seemingly risk-free way for savings and a global tool for conducting cross-border payments. In response to this challenge, the European Central Bank is developing a digital Euro to protect the Euro against the increasing acceptance of stablecoins.
