Source: Cointelegraph Original: "{title}"
The Italian Minister of Economy and Finance has warned that, compared to Trump's tariff policies, the U.S. stablecoin policy is more concerning, as these crypto assets could undermine the euro's dominance in cross-border payments.
According to Reuters, Giancarlo Giorgetti stated at an event in Milan that while trade tariffs dominate the headlines, the new U.S. policy on dollar-backed stablecoins poses a "more dangerous" threat to European financial stability.
Giorgetti pointed out that U.S. stablecoins allow users to invest using a widely accepted cross-border payment method without needing to open a U.S. bank account. He warned that the growing appeal of U.S. stablecoins to Europeans should not be underestimated.
Giorgetti urged EU lawmakers to take more measures to enhance the euro's status as an international currency. He added that the digital euro being developed by the European Central Bank (ECB) will be crucial in reducing the demand for foreign solutions among Europeans.
Currently, U.S. stablecoin regulation remains fragmented. Multiple agencies are using existing laws to regulate stablecoins rather than a unified framework. However, lawmakers are working to implement reforms, with several stablecoin legislations in progress.
On April 2, the U.S. House Financial Services Committee passed the "Stablecoin Transparency and Accountability to Promote Better Ledger Economy Act" (STABLE Act). The bill has now entered the full House voting stage.
The bill was introduced on February 6 by Committee Chairman French Hill and Digital Assets Subcommittee Chairman Bryan Steil. It will ensure that stablecoin issuers provide information about their business, including how their tokens are backed.
Additionally, the "U.S. Stablecoin National Innovation and Establishment Act" (GENIUS Act) establishes rules requiring issuers to maintain one-to-one reserve backing, comply with anti-money laundering (AML) laws, protect consumers, and enhance the dollar's dominance in the global economy.
The GENIUS Act still needs approval from both houses of Congress and the president's signature to become law.
Besides Giorgetti, Piero Cipollone, a member of the ECB Executive Board, also urged European lawmakers to step up efforts to address the dominance of dollar-backed stablecoins in Europe. On April 8, Cipollone wrote an article expressing concerns about the growing popularity of U.S. stablecoins.
The official suggested introducing central bank digital currency to address the threats facing the euro. He stated that this would help maintain the monetary sovereignty of the eurozone.
Related: ECB executives push for digital euro again to counter the rise of U.S. stablecoins.
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