Italy finance minister warns US stablecoins pose bigger threat than tariffs

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Coin Telegraph 2d ago

Italy finance minister warns US stablecoins pose bigger threat than tariffs - Coin Telegraph

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It would ensure that stablecoin issuers provide information on their businesses, including how their tokens are backed. In addition, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act establishes rules that require issuers to maintain reserves backed one-to-one, comply with Anti-Money Laundering (AML) laws, protect consumers and boost dollar dominance in the global economy. The GENIUS Act still requires approval by both chambers of Congress and a presidential signature before becoming law.

Related: Stablecoins are the best way to ensure US dollar dominance — Web3 CEOECB exec renews digital euro pushApart from Giorgetti, ECB Executive Board member Piero Cipollone also urged European lawmakers to intensify their efforts to combat dollar-backed stablecoin dominance in Europe.

He added that the digital euro under development by the European Central Bank (ECB) will be essential to minimize the need for Europeans to resort to foreign solutions. US lawmakers advance stablecoin billsPresently, stablecoin regulation in the US remains fragmented.