Fabio Panetta Urges Italian Banks to Tokenize Money as Dollar Stablecoins Dominate Global Market

Bank of Italy Governor Fabio Panetta told Italy's banking association in Milan on Wednesday that commercial banks must turn their money into digital tokens to stay competitive as stablecoins expand under strong U.S. policy backing. He argued that both central bank and commercial bank money must become fully digital, warning that dollar-denominated stablecoins now control nearly the entire $300 billion global market while euro-backed versions remain marginal.