US Edition
Europe Needs to Shrug Off Fear and Embrace Stablecoins
- Europe’s largest asset manager has warned that the U.S. GENIUS Act passed last month could destabilize the global payments system.
- This concern follows the GENIUS Act's introduction of a regulatory framework for dollar-pegged stablecoins amid fears of widespread dollarization.
- Key stakeholders, including Federal Reserve Chair Jerome Powell and ECB President Christine Lagarde, emphasized the need for regulatory oversight to ensure financial stability.
- Mortier of Amundi said, "It could be genius, or it could be evil," highlighting uncertainties about stablecoins' effects on monetary sovereignty and banking safety.
- The evolving regulatory landscape may increase stablecoin adoption but also risks challenging traditional monetary policies and prompting global shifts in capital flows.
13 Articles
13 Articles
BOE’s Bailey Warns Stablecoins Threaten Public Trust in Money
Bank of England Governor Andrew Bailey warned that the rise of stablecoins risks undermining the public’s trust in money as experts warn of the threats posed by the expanded use of dollar-backed cryptocurrencies.
ECB President Christine Lagarde stablecoins will lead to the 'privatization of money,' undermining central bankers ‘public good’
European Central Bank president Christine Lagarde spoke out against stablecoins at a recent conference in Portugal, saying they risk “weakening the sovereignty” of countries that leave them unchecked. The rise of stablecoins risks eroding the role of central banks in governing their nation’s monetary policy, European Central Bank president Christine Lagarde said. Stablecoins, which are digital assets usually pegged to fiat currencies, have gro…
CoinStats - Amundi, a European asset management firm, war...
Amundi, a European asset management firm, warned that the U.S. GENIUS Act bill passed last month by the Senate would harm the global economy. The bill seeks to regulate U.S. dollar-pegged cryptocurrency tokens. The GENIUS Act ( Guiding and Establishing National Innovation for U.S. Stablecoins) views stablecoins as a means of payment rather than security, creating rules that put the issuer under scrutiny by state and federal regulators. Faryar…
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