Italy: US Stablecoins Bigger Threat Than Tariffs

Italy warns that U.S. stablecoins may pose a bigger risk to Europe than American trade tariffs. Italy’s finance minister, Giancarlo Giorgetti, has raised concerns about the growing popularity of U.S. dollar-backed stablecoins among Europeans, warning they could be more damaging to the euro’s influence than tariffs. Speaking in Milan, he said these digital assets let people make international payments in dollars without needing a U.S. bank account, which could reduce the euro’s role in global trade. He urged EU leaders to strengthen the euro’s global position , highlighting the digital euro project as a critical step in limiting Europe’s reliance on foreign financial tools. Meanwhile, the U.S. is working on new stablecoin laws. On April 2, the House Financial Services Committee passed the STABLE Act , aimed at increasing transparency and accountability for stablecoin issuers. Another bill, the GENIUS Act , sets stricter reserve, AML, and consumer protection requirements, though it still awaits full congressional approval. European Central Bank official Piero Cipollone echoed Giorgetti’s concerns, saying that a digital euro is essential to defend the eurozone’s monetary independence from the rising influence of dollar-based stablecoins.

Source: Coinpaprika