Amundi Warns U.S. Stablecoin Policy Risks Destabilizing Global Payment Systems

Europe’s largest asset manager, Amundi, has expressed concerns over the potential destabilizing effects of the U.S. GENIUS Act, which aims to establish a regulatory framework for U.S. dollar-backed stablecoins. The policy could accelerate the adoption of dollar-pegged cryptocurrencies worldwide, triggering significant shifts in money flows and potentially undermining the global payment system.

The GENIUS Act, passed by the U.S. Senate and expected to be approved soon by the House and President Donald Trump, mandates stablecoins be pegged to the U.S. dollar. JPMorgan estimates that stablecoins in circulation could double to $500 billion in the coming years, with some forecasts reaching $2 trillion. The increase in stablecoin use would drive demand for U.S. Treasury bonds, providing fiscal benefits for the U.S. but raising concerns about weakening the dollar’s international position.

Vincent Mortier, Amundi’s Chief Investment Officer, highlighted that stablecoins might send a message that the dollar is losing strength, especially as over 80% of stablecoin transactions occur outside the U.S. This raises fears about “dollarization,” where foreign economies increasingly depend on the dollar without direct banking ties to the U.S., which could threaten their monetary sovereignty.

European officials have also voiced alarm. Italy’s Finance Minister Giancarlo Giorgetti labeled U.S. stablecoin policies as a greater threat to Europe’s financial stability than trade tensions. Similarly, the Bank for International Settlements warned about stablecoins’ risks to monetary sovereignty, transparency, and the potential for capital flight from emerging markets.

Mortier noted that stablecoins could act like “quasi-banks” as users treat them like deposits redeemable on demand. Their growing use as direct payment methods could further disrupt traditional banking and payment infrastructures, increasing risks to global financial stability.

Though Amundi currently holds no crypto assets, Mortier remains cautious about stablecoins, emphasizing their possible negative consequences on the global payment ecosystem.