France pushes euro-based stablecoins to rival dollar tokens
French Finance Minister Roland Lescure on Friday called for greater development of euro-based stablecoins and urged European banks to further explore tokenised deposits.
In pre-recorded remarks at a cryptocurrency conference in Paris, Lescure said the comparatively low volume of euro-pegged stablecoins compared with dollar-denominated alternatives was “not satisfactory,” News.Az reports, citing Reuters.
Stablecoins are a form of cryptocurrency designed to maintain a stable value, typically backed by traditional fiat currencies.
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Banks around the world have been testing the technology, with several forming partnerships to explore its use, particularly after US President Donald Trump signed legislation last year establishing a regulatory framework for stablecoins.
A group of 10 European banks, including ING, UniCredit, and BNP Paribas, formed a company last year to launch a euro-denominated stablecoin, targeting a rollout in the second half of 2026. The initiative aims to reduce dependence on US dominance in digital payments.
“That is what we need and that is what we want,” Lescure said, referring to the project. He also encouraged banks to further develop tokenised deposit systems.
The world’s largest stablecoin, Tether, reports more than $185 billion worth of dollar-pegged tokens in circulation, while Société Générale’s euro-backed stablecoin, introduced in 2023, has only around 107 million euros in circulation.
By Nijat Babayev
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