Ignazio Angeloni, Senior Policy Fellow at Bocconi University and SAFE, former member of the Supervisory Board of the European Central Bank and former Director General of Financial Stability at the ECB, expressed the view that stablecoins, in their current form, are unlikely to become the future of general digital payments.
Speaking at the Digital Assets and the Future of Finance Summit 2026, presented by ECOMMBX, Angeloni analyzed the role stablecoins are expected to play in shaping the next generation of digital payments. He focused on the conditions a reliable means of payment must meet, as well as the challenges stablecoins continue to face in terms of adoption, stability, and regulatory oversight.
During his speech, he noted: “Innovation in payments is essential for progress, but it does not mean that every new technology is destined to prevail. Stablecoins are an important financial innovation; however, in their current form, they do not appear particularly promising as a universally used means of payment. A successful monetary instrument must have general acceptance, uniform value, and stability, characteristics that stablecoins have not yet managed to ensure.”
He also emphasized that “despite the significant attention stablecoins have received in recent years, their use remains largely confined within the crypto ecosystem. Their value continues to depend on the creditworthiness of their issuer and, unlike bank deposits, they are not backed by guarantee mechanisms that fully ensure stability and user trust.”
In conclusion, he pointed out that “the real momentum lies in tokenisation and the opportunities it offers for more efficient and programmable financial transactions. The market is already moving toward solutions that combine the advantages of tokenisation with the safety of the existing banking system, such as tokenised deposits and central bank initiatives. This is the direction most likely to shape the future of digital payments.”
