Italian central bank governor: Stablecoins can only play a supplementary role in the monetary system.

Italian Central Bank Governor Fabio Panetta stated that commercial bank money and central bank money will continue to serve as the cornerstone of the monetary system, while stablecoins will only play a supplementary role. He pointed out that the stability of stablecoins ultimately depends on their peg to fiat currency, which limits their ability to operate independently within the financial system. Panetta believes that payments have become a core strategic area of competition for banks; against the backdrop of a global economic shift towards technological power and a fragmented geopolitical environment, digital finance is putting pressure on banks.