French Minister Calls for Banks to Boost Euro Stablecoins

TLDR

• France’s finance minister urged European banks to accelerate the development of euro stablecoins and tokenized deposits.
• He said the current volume of euro-pegged tokens remains too low compared to dollar-linked stablecoins.
• Lescure backed a joint initiative by ING, UniCredit, and BNP Paribas to launch a euro stablecoin in 2026.
• Dollar-pegged stablecoins exceed $300 billion in total supply, led by USDT and USDC.
• Euro-pegged stablecoins total about $912 million in market value, according to CoinGecko data.

France’s finance minister called on European lenders to speed up digital currency projects, according to Reuters. He urged banks to expand euro stablecoins and tokenized deposits to reduce reliance on U.S. payment rails. He delivered the remarks in recorded comments at a Paris crypto conference on Friday.

European Banks Pressed to Expand Euro Stablecoins and Tokenized Deposits

Roland Lescure said the current scale of euro-pegged tokens falls short of expectations. He stated that the gap with dollar-pegged tokens was “not satisfactory,” Reuters reported. He linked the imbalance to Europe’s reliance on U.S.-dominated infrastructure.

He backed a joint project by ING, UniCredit, and BNP Paribas to issue a euro stablecoin. The three banks formed a company to launch the token in the second half of 2026. Lescure said, “That is what we need and that is what we want.”

He also encouraged lenders to develop tokenized deposits for digital transactions. He said banks should further explore these instruments within existing regulatory frameworks. He framed the effort as part of Europe’s financial modernization strategy.

Dollar Tokens Dominate while Euro-pegged Coins Trail

Dollar-linked stablecoins continue to lead the global market by supply. Total circulation has surpassed $300 billion, based on The Block’s dashboard data. Tether’s USDT holds nearly $186 billion in market value.

Circle’s USDC ranks second with about $78.8 billion in capitalization. Together, the two tokens account for most stablecoin liquidity. They dominate trading, payments, and cross-border settlements.

By contrast, euro-pegged tokens account for less than $1 billion combined. CoinGecko data shows the euro stablecoin market at $912 million. Circle’s EURC leads with $426.9 million in market capitalization.

STASIS’ EURS follows with $150.3 million in value. Societe Generale launched EURCV in 2023, and it holds $126.7 million. These figures highlight the limited scale of euro-denominated digital tokens.

Reuters cited RBC Capital Markets research on European bank sentiment. Two-thirds of surveyed banks reported limited customer demand for stablecoins. The findings reflect cautious adoption across traditional lenders.

Other studies show rising consumer engagement with digital assets. A February survey by BVNK with Coinbase and Artemis covered 4,658 adults in 15 countries. The YouGov-based study found that 54% held stablecoins in the past year.

The same report said 56% plan to acquire more stablecoins. It added that holders allocate about one-third of their savings to crypto and stablecoins. The data indicates sustained retail participation in digital assets.

Borderless, a payment infrastructure firm, tracked stablecoin foreign exchange pricing. It reviewed over 1.1 million pricing observations across 51 currencies. By March, 14 of 21 blockchain-based currencies traded within 100 basis points of interbank FX rates.

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