Amundi, Europe's largest asset manager, has expressed concerns that U.S. stablecoin policies, particularly following the implementation of the United States' GENIUS Act, could destabilize the global payment system. The firm warns that the rapid growth of dollar-backed stablecoins may lead to a major shift in international money flows, potentially undermining the stability of global payments infrastructure. This cautionary stance reflects a growing skepticism in Europe about the risks posed by this class of digital assets. The issue has drawn attention from multiple financial news outlets, highlighting the potential vulnerabilities that stablecoins could introduce to the financial industry worldwide.