The recent remarks by Fabio Panetta, Governor of the Bank of Italy, have sparked some thoughts: commercial bank money and central bank money still form the foundation of the monetary system, but does this logic seem a bit outdated? However, from the central bank's perspective, their concerns are not unfounded—stablecoins heavily rely on pegging to fiat currencies, which directly limits their independence.

What is more worth paying attention to is the competitive landscape in the payments sector. Panetta believes that payments have become a core strategic battleground for banks, and the impact of digital finance is indeed increasing pressure. Geopolitical polarization and the transfer of technological power are all driving changes in the financial landscape.

The stance of the Bank of Italy is quite cautious. The deputy governor bluntly stated: a multi-issuer stablecoin model could pose legal, operational, and financial stability risks to the EU, and must be limited to regions with the same regulatory standards, along with strict reserve requirements. This is a typical central bank mindset—control first, then observe.