Italian central bank official recommends evaluating SEPA tokenized payments to address stablecoin competition pressure

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BlockBeats News, May 5th, Italian Central Bank Vice Governor Chiara Scotti stated that Europe should evaluate the feasibility of expanding the Single Euro Payments Area to tokenized payments in order to maintain the euro’s core position in the digital financial system.

Scotti pointed out that SEPA has advantages in scale, standardization, and interoperability, making it an important foundation for tokenized payments. Meanwhile, the European Central Bank is advancing several related projects, including the distributed ledger-based settlement pilot “Pontes” (expected to launch in Q3 2026), and a long-term tokenized financial system roadmap “Appia” (planned to be completed by 2028).

The ECB has previously warned multiple times about the risks of stablecoins, believing that their widespread adoption could lead to bank deposit outflows, weaken bank financing capabilities, and pose a potential threat to euro monetary sovereignty. Officials emphasized that introducing on-chain central bank money (tokenized central bank money) could become a key infrastructure to support the coexistence of tokenized deposits and stablecoins.

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