Finance
French Finance Minister Calls for Euro-Based Stablecoins
Published by Global Banking & Finance Review®
Posted on April 17, 2026
2 min readLast updated: April 17, 2026
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France’s finance minister calls for a stronger euro-based stablecoin sector and urges banks to explore tokenised deposits to reduce reliance on US dollar–pegged stablecoins.
French Finance Minister Advocates Euro Stablecoins and Tokenised Deposits
Europe's Push for Digital Currency Innovation
French Finance Minister's Call for Euro-Based Stablecoins
PARIS, April 17 (Reuters) - French Finance Minister Roland Lescure on Friday said Europe needed more euro-based stablecoins and encouraged the bloc's banks to explore tokenised deposits.
In pre-recorded comments at a crypto conference in Paris, Lescure said the relatively small volume of euro-pegged stablecoins compared to dollar-pegged ones was "not satisfactory".
Global Stablecoin Landscape
Bank Experiments with Stablecoins
Banks worldwide are experimenting with stablecoins, a type of cryptocurrency designed to maintain a constant value and backed by traditional currencies. Several have joined forces to trial the technology, especially since U.S. President Donald Trump last year signed a law establishing rules for stablecoins.
European Banks' Initiative
A group of 10 European banks, including ING, UniCredit and BNP Paribas, last year formed a company to launch a euro-pegged stablecoin in the second half of 2026, in a move they hope will counter U.S. dominance in digital payments.
Official Endorsement and Encouragement
"That is what we need and that is what we want." Lescure said on Friday, referring to the initiative. "I also strongly encourage banks to further explore the launch of tokenised deposits," he added.
Comparing Stablecoin Circulation
The world's largest stablecoin, Tether, says it has more than $185 billion of its dollar-pegged tokens in circulation, while Societe Generale's euro-pegged stablecoin, launched in 2023, has just 107 million euros in circulation.
(Reporting by Elizabeth Howcroft, writing by Alessandro Parodi, Editing by Tommy Reggiori Wilkes)
Key Takeaways
- •Euro‐pegged stablecoins are tiny—just several hundred million euros—versus Tether’s tens or hundreds of billions in dollar equivalents (ecb.europa.eu)
- •A consortium of major European banks under the name Qivalis plans to launch a MiCA‑compliant euro stablecoin in H2 2026, expanding recently with BBVA joining, and pursuing exchange distribution agreements (cincodias.elpais.com)
- •Tokenised deposits and private stablecoin initiatives are being encouraged alongside the development of a digital euro, as Europe seeks greater strategic autonomy in payments infrastructure (linkedin.com)
References
Frequently Asked Questions about French finance minister calls for euro-based stablecoins
1Why does France support more euro-based stablecoins?
French Finance Minister Roland Lescure wants more euro-pegged stablecoins to reduce reliance on dollar-based versions and strengthen European digital payments.
2What are tokenised deposits?
Tokenised deposits are digital versions of traditional deposits, where funds are issued as blockchain tokens, enhancing security and transaction speed.
3How do euro-pegged stablecoins compare to dollar-pegged ones?
Euro-pegged stablecoins have far lower circulation than dollar-pegged ones like Tether, which has over $185 billion in tokens, whereas euro stablecoins have just over 100 million euros in circulation.
4Which European banks are backing a euro stablecoin initiative?
Ten European banks, including ING, UniCredit, and BNP Paribas, are partnering to launch a euro-pegged stablecoin by the second half of 2026.
5What recent developments have influenced stablecoin innovation?
The US established stablecoin rules last year, prompting European banks to accelerate digital payment innovations to compete globally.
