PARIS, April 17, 2026 — French Finance Minister Roland Lescure called for more euro-denominated stablecoins on Friday, saying Europe should accelerate digital-payment alternatives to reduce reliance on non-European providers and dollar-backed tokens, according to Reuters.
Speaking in pre-recorded remarks at a crypto conference in Paris, Lescure said the current scale of euro-pegged stablecoins relative to dollar-based competitors was “not satisfactory” and urged European banks to expand work on tokenised deposits.
The comments come as European policymakers seek to strengthen the euro’s role in digital finance and cross-border payments amid broader concerns over strategic dependence in payments infrastructure.
European banks prepare euro stablecoin launch
A consortium of European lenders including ING, UniCredit and BNP Paribas has formed a company to launch a euro-pegged stablecoin in the second half of 2026, according to Reuters.
Lescure endorsed the initiative, saying it was the type of development Europe needs.
Tokenised deposits — blockchain-based digital representations of commercial bank deposits — are also being explored by banks as a regulated alternative for settlement and programmable payments infrastructure.
Dollar dominance remains intact
The global stablecoin market remains overwhelmingly led by dollar-backed assets. Tether said it has more than $185 billion of tokens in circulation, while Société Générale said its euro-pegged stablecoin, launched in 2023, has around €107 million outstanding.
The gap underscores the limited scale of euro-denominated stablecoins as European institutions explore domestic alternatives.
Digital euro debate continues
Lescure also backed efforts by the European Central Bank to place a digital euro at the center of Europe’s tokenisation strategy, calling it the “right balance,” Reuters reported.
Progress on the project has faced political resistance in some European countries and slow movement in the European Parliament.
