Amundi, the €2.1 trillion* French asset-management firm that is the largest in Europe, cautioned on Thursday that the United States’ emerging stablecoin rules could undermine the stability of the global payments network.
Amundi, the €2.1 trillion* French asset-management firm that is the largest in Europe, cautioned on Thursday that the United States’ emerging stablecoin rules could undermine the stability of the global payments network. The firm said Washington’s approach may encourage an uneven playing field for private digital tokens that seek to maintain a fixed value against sovereign currencies, heightening the risk of capital flight during periods of stress.
The warning comes as policymakers on both sides of the Atlantic struggle to strike a balance between fostering innovation in digital finance and safeguarding monetary sovereignty. In Europe, the European Central Bank has pressed for tighter oversight of euro-denominated stablecoins, arguing that large-scale adoption of privately issued money could weaken its control over liquidity. The European Commission, however, has resisted additional restrictions, saying existing MiCA rules are adequate.
Amundi’s intervention adds the voice of a major institutional investor to a debate that has so far been dominated by regulators. It underscores growing concern that fragmented national rulebooks could create regulatory arbitrage, with global spillovers if a stablecoin fails to hold its peg. The United States is still finalising legislation that would place issuers under federal supervision and set reserve requirements, but industry groups are lobbying for more flexible standards. *Company AUM based on publicly available data, not supplied in tweets.
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