The European Union (EU) must urgently address the growing appeal of dollar-based stablecoins among its citizens, as they pose a greater threat to the euro’s standing than ongoing trade disputes, Italian Economy Minister Giancarlo Giorgetti recently warned.

Speaking at an asset management event in Milan, Giorgetti emphasized that the United States’ evolving cryptocurrency policy—particularly regarding dollar-pegged stablecoins—presents a compelling cross-border payment method that European authorities cannot afford to ignore. He voiced concerns about the fragmented nature of the EU’s payment industry and called for decisive action to bolster the euro’s international prominence.

The Italian minister’s comments come as the U.S. Congress considers two stablecoin bills. The Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act and the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act have been passed by the House Financial Services Committee and the Senate Banking Committee, respectively.

Among other provisions, the proposed laws would require issuers to back their stablecoins with U.S. Treasury bonds. Some critics, including Chinese economist Zhang Ming, argue that such a requirement is designed to extend U.S. dollar hegemony. Meanwhile, Giorgetti laments that the global trade war has overshadowed concerns about the United States’ stablecoin policy.

“The general focus these days is on the impact of trade tariffs. However, even more dangerous is the new U.S. policy on cryptocurrencies and, in particular, dollar-denominated stablecoins,” Giorgetti said.

The minister also highlighted the advantages of dollar-pegged stablecoins for European citizens. He argued that they provide a seemingly risk-free avenue for savings and a universally accepted means of conducting cross-border payments—all without the need to hold an account with a U.S. bank.

“It is therefore easy to foresee their attractiveness for citizens of economies with unstable currencies, but their appeal for people in the eurozone should not be underestimated,” Giorgetti cautioned, underscoring the potential for eurozone residents to embrace dollar-backed stablecoins for international transactions.

In response to this challenge, the European Central Bank (ECB) is said to be actively developing the digital euro, a central bank digital currency aimed at safeguarding fiat currencies against the rising adoption of stablecoins. The digital euro project envisions EU residents holding digital euro accounts directly with the ECB, enabling seamless online and in-store payments, as well as peer-to-peer money transfers through partnerships with EU-based payment service providers.

“The digital euro will be essential to minimizing the need for European citizens to resort to foreign solutions for such a basic service as payments,” Giorgetti said, emphasizing the digital euro’s strategic importance in countering the appeal of dollar-based alternatives.

However, the digital euro initiative has faced resistance from European banks, which have expressed concerns that its introduction could lead to a significant outflow of customer deposits into the perceived safety of ECB-guaranteed digital wallets, potentially impacting their liquidity and profitability. Despite these concerns, Giorgetti’s comments underscore the growing urgency for the EU to offer a compelling digital payment solution that can rival dollar-backed stablecoins and ensure the euro’s long-term strength and international standing.

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