French Finance Minister Roland Lescure has called for the development of more euro-pegged stablecoins. It comes amid rising tensions between the EU and the US, as the EU seeks to weaken US dominance over its payments systems.
Euro-stablecoins: Europe’s quest for financial independence
Stable coins represent a unique type of cryptocurrency that has a fixed value tied to fiat currency. Although other fiat-backed stablecoins exist, US dollar-denominated stablecoins such as USDT and USDC heavily dominate the market, reflecting the greenback’s role as the world’s primary reserve currency. Notably, these US-dollar-pegged stablecoins are poised for long-term expansion after President Donald Trump signs the GENIUS Act in July 2025, providing the necessary guardrails for institutional participation.
According to a Reuters report on April 17, in pre-recorded comments at a crypto conference in Paris, French Finance Minister Roland Lescure advocated that European banking institutions develop more euro-pegged stablecoins, noting that their volume compared to US-dollar counterparts was “not satisfactory.” Lescure appreciated The Kivalis initiative by some European banks including ING, UniCredit and BNP Paribas, who are jointly developing a euro-based stablecoin to launch in H2 2026, aims to counter the dominance of the US dollar.
According to Reuters, advocates of euro-stablecoins represent efforts by European authorities to reduce reliance on non-European providers, especially given strained US relations, driven by disputes over security burden-sharing and global conflict approaches, among other issues. Along with euro-stable coins, the European Central Bank is also developing a digital euro, i.e. a central bank digital currency, so that the apex bank can effectively play its role in the growing digital economy.
According to CoinMarketCap data, the total Euro-stablecoins market is valued at $675.9 million, with EURC accounting for $429.01 million, ranking as the undisputed market leader. In line with Lescure’s point about advocacy, these euro-backed tokens represent only 0.207% of the global stablecoin market, which is valued at $325.72 billion.
European banks should accelerate blockchain adoption – Lescure
In his pre-recorded speech released in Paris, Lescure also encouraged European banks to explore token deposits. For context, token deposits are digital representations of traditional bank deposits that are issued and recorded on a blockchain or distributed ledger. There is considerable interest in these blockchain products from major global banks including JP Morgan, HSBC and Citi, all of which offer a variety of tokenized deposits. Lescure is advising European banks to follow this trend and take advantage of the benefits of blockchain for the banking system.
Display image from Monerium, chart from TradingView
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