Stablecoins Are the Real Threat...

Giancarlo Giorgetti warned that US stablecoins pose a bigger threat to European financial stability than tariffs.

Author

Danielle du Toit
April 16, 2025

Here's what we've got for you today:

  • Italy Finance Minister Warns US Stablecoins Pose Bigger Threat than Tariffs

  • Mantra Rebounds on Chain Activity While CEO Plans to Burn Team Tokens

  • OKX Reenters US Market Following $505M DOJ Settlement

  • CleanSpark Responds to Market Turmoil with Bitcoin Sales

Italy’s minister of economy and finance warned that US stablecoin policies could undermine the euro’s dominance in cross-border payments.

  • Italian Finance Minister Giancarlo Giorgetti warned that US dollar-backed stablecoins pose a bigger threat to European financial stability than trade tariffs, due to their increasing use in cross-border payments by Europeans without the need for US bank accounts.

  • He called on the EU to strengthen the euro's global role and a pointed out the importance of the European Central Bank’s digital euro project in reducing reliance on foreign digital currencies.

  • For now, US stablecoin regulation is still fragmented, but new legislation is underway to establish a clearer framework.

The CEO of Mantra took a dramatic step in response to the collapse of the OM token by pledging to burn the entire allocation of team tokens.

  • Mantra CEO John Mullin pledged to burn all team tokens—worth around $236 million after OM’s dramatic crash from $6.30 to $0.52 on April 13.

  • The 300 million OM tokens, which are locked until 2027–2029, were originally valued at $1.89 billion and intended to incentivize Mantra’s core contributors over the long term.

  • Reactions to Mullin’s pledge are mixed, with some praising the accountability and others, like Crypto Banter’s Ran Neuner, warning it could demotivate the team and harm the project's recovery.

OKX announced its return to the US market with a phased rollout and the appointment of a new US CEO.

  • OKX is reentering the US market, and appointed former Barclays director Roshan Robert as its new US CEO. It will launch both its centralized exchange and OKX Wallet.

  • Existing Okcoin users will be migrated to the new OKX platform, which promises deeper liquidity, lower fees, and advanced trading tools to enhance user experience.

  • The rollout will be phased, with OKX gradually onboarding customers before a broader nationwide launch that is planned for later in 2025.

CleanSpark shifted its strategy to become financially self-sufficient by selling a portion of its mined Bitcoin. 

  • CleanSpark will begin selling part of its monthly Bitcoin earnings to support operations and achieve financial self-sufficiency.

  • The company also secured a $200 million credit facility backed by Bitcoin through Coinbase Prime and launched an institutional trading desk to handle BTC sales more efficiently.

  • This move was made amid a broader downturn in the mining sector, with the CoinShares Crypto Miners ETF (WGMI) dropping over 40% in Q1 of 2025.

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