Stablecoins to play only supporting role in monetary system, says Bank of Italy governor

Fabio Panetta, the governor of the Bank of Italy, has predicted that stablecoins will only play an ancillary role in the future monetary system, Cointelegraph reported. He noted that because the stability of stablecoins depends on their peg to traditional currencies, their ability to function independently within the financial system is limited. Panetta assessed that currency issued by central or commercial banks, not stablecoins, will continue to be at the center of the monetary system.