Chiara Scotti: Stablecoins in the payments ecosystem - reflections on responsible innovation

Speech by Ms Chiara Scotti, Deputy Governor of the Bank of Italy, at the Economics of Payments XIV conference, Rome, 18 September 2025.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Ladies and gentlemen, distinguished guests and colleagues,

Welcome to the XIV edition of the 'Economics of Payments Conference'. It is a pleasure to host this prestigious gathering of policymakers, regulators, academics, and private sector professionals who are at the forefront of the evolution in payments. Banca d'Italia, in collaboration with the Committee on Payments and Market Infrastructures (CPMI), is pleased to welcome you for two days of rigorous dialogue, data-driven insights, and collaborative vision-setting. In a period marked by both profound uncertainty and unparalleled opportunities spurred by technological innovation, such dialogue is more essential than ever.

This year, we are especially delighted to welcome Professor Fernando Alvarez, from the University of Chicago, and Miguel Díaz, Head of Strategy at the BIS Innovation Hub, as keynote speakers. The program features 27 papers across 7 themed sessions, showcasing perspectives from central banks, international institutions, academia, and fintech.

Sessions span topics from the macroeconomics of digital currencies, payments, and payment choices to the granular realities of payment instrument adoption, cross-border payments and remittances, interoperability, and financial stability. Additional poster sessions will allow for deep dives into new data and methods for the study of retail payments and into the nuts and bolts of payment infrastructures.