French Finance Minister Advocates for Expansion of Euro-Denominated Stablecoins

Deep News04-17

French Finance Minister Roland Lescure stated on Friday that Europe requires a greater number of euro-based stablecoins and encouraged banks across the European Union to actively explore tokenized deposits.

In a pre-recorded address for a cryptocurrency conference in Paris, Lescure pointed out that the issuance volume of euro stablecoins is relatively small compared to their U.S. dollar counterparts, a situation he described as unsatisfactory.

Major banks worldwide are experimenting with stablecoins, which are a type of cryptocurrency designed to maintain a stable value and are backed by reserves of fiat currency. Since former U.S. President Donald Trump signed a relevant bill last year establishing a regulatory framework for stablecoins, several institutions have collaborated on pilot projects involving the technology.

A consortium of ten European banks, including ING, UniCredit, and BNP Paribas, established a joint venture last year with plans to launch a euro stablecoin in the second half of 2026. This initiative aims to counterbalance U.S. dominance in the digital payments sector.

"This is precisely what we need and hope for," Lescure said on Friday regarding the consortium's project. He also emphasized, "I strongly encourage banks to further explore the issuance of tokenized deposits."

The world's largest stablecoin, Tether, has a circulating supply of its U.S. dollar token exceeding $185 billion. In contrast, the euro stablecoin issued by Société Générale in 2023 currently has a circulation of just 107 million euros.

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