Italian Central Bank Official Repositions Stablecoins: Complementary Rather Than Replacing, Bank Money Remains Central

Italy’s central bank governor Fabio Panetta recently stated that in the future digital currency system, commercial bank currencies and central bank currencies will be fully digitalized and continue to serve as the core of the monetary system, while stablecoins will play a supplementary role. This view marks a clear stance by the European Central Bank system on the status of stablecoins and also reflects the traditional financial sector’s perspective on the crypto ecosystem.

The Three-Tier Digital Currency Architecture in the Eyes of the Central Bank

Panetta’s statement essentially outlines a clear vision for the monetary system:

• First Tier: Central Bank Digital Currency (CBDC) – The most fundamental infrastructure, issued and managed directly by the central bank
• Second Tier: Digital Commercial Bank Money – Digital form of money issued by commercial banks, continuing to serve the role of traditional bank money
• Third Tier: Stablecoins – Play a supplementary role, not a replacement

From this perspective, the European Central Bank system’s attitude is very clear: digitalization is the direction, but it does not alter the existing hierarchy of the financial system. The status of central banks and banks will not be shaken by blockchain technology.

Why Are Stablecoins Positioned as “Supplementary”?

Panetta pointed out two key limitations of stablecoins:

1. Stability depends on external anchoring – The value stability of stablecoins ultimately relies on their relationship with fiat currencies, meaning they are essentially “agents” of fiat currency rather than independent assets
2. Limited independence – Due to this dependency, stablecoins cannot operate independently within the financial system and are inevitably subject to regulatory constraints

From another angle, this essentially means: no matter how innovative stablecoins are, they fundamentally operate around the existing fiat currency system and cannot become substitutes.

What Does This View Imply?

This is not just a simple policy statement but an official recognition of the development space for stablecoins by the European Central Bank system—also a boundary setting.

Recognized part: Stablecoins are acknowledged as a component of the future monetary system, not something to be banned.

Restricted part: The role of stablecoins is clearly defined as “supplementary” rather than “core,” which implies:

• Stablecoins will not become the main payment tools
• Regulations will prioritize the banking system
• Innovation space for stablecoins has a ceiling

From Europe’s perspective, this is a balance between the development of crypto assets and the stability of the financial system—acknowledging new technology while safeguarding the traditional system.

Summary

Panetta’s view reflects a reality: the status of central banks and traditional banks will not be shaken in the digital age. Stablecoins can exist and develop, but they are destined to be “supporting actors” rather than “main characters.” This is both an acknowledgment and a pragmatic reminder for stablecoin projects—the future competitive space lies in how to maximize value within this “supplementary” positioning, rather than attempting to challenge the existing system.