There is an interesting central bank perspective worth noting on January 21. Italian Central Bank Governor Panetta publicly stated that stablecoins actually play a limited role in the financial system—bank-issued currency and central bank digital currencies are the true pillars of the monetary system, while stablecoins are only auxiliary tools.

His reasoning is quite straightforward: the stability of stablecoins ultimately depends on their peg to fiat currency. This dependency inherently limits their ability to operate independently within the financial system. In other words, no matter how stable stablecoins are, they still rely on fiat backing, which gives them a natural shortcoming in autonomy.

Panetta also mentioned a more practical issue—payments have become a key area of strategic competition among banks. Against the backdrop of a global economic landscape shifting towards technological dominance and increasing geopolitical fragmentation, digital financial technology is exerting real pressure on traditional banking systems.

It is worth noting that the Italian Central Bank has maintained a cautious stance. The deputy governor previously warned that "multi-issuer stablecoins" issued in multiple countries and regions could pose legal risks, operational risks, and even threaten financial stability within the European Union. Therefore, the central bank's approach is clear: either restrict the issuance of such stablecoins within regions where regulatory standards are consistent, or enforce stricter reserve requirements.