France’s Economy Minister Roland Lescure has called for Europe to accelerate its efforts on euro-based stablecoins, highlighting in a speech at a Paris crypto conference that the region is falling behind in the digital currency race. In his pre-recorded address, Lescure emphasized that the trading volume of euro-pegged stablecoins remains disappointingly low compared to their dollar-backed counterparts.
Growing demand for euro stablecoins
Lescure pointed out that stablecoins are becoming an increasingly prominent fixture in global finance and stressed that Europe must not risk being left behind. Stablecoins, which are crypto assets pegged to traditional currencies to maintain their value, have found particular utility in digital payments and cross-border financial transactions.
The existing volume of euro-pegged stablecoins is not satisfactory. Europe must establish a much stronger presence in this field, Lescure insisted.
With banks around the world testing stablecoin technology, recent regulatory developments in the United States have accelerated adoption. Specifically, a legal framework for stablecoins introduced last year by President Donald Trump sparked increased interest from global financial institutions in this sector.
European banks launch joint stablecoin project
One of the most concrete moves in Europe has come from a banking consortium including major names such as ING, UniCredit, and BNP Paribas. The group has formed a joint company aimed at launching a euro-pegged stablecoin in the second half of 2026.
The project is designed to counterbalance US-led, dollar-based systems that currently dominate digital payments. Lescure has openly supported the initiative, asserting that Europe should develop its own robust digital financial infrastructure to stay competitive.
Lescure also noted that banks should look beyond stablecoins, encouraging financial institutions to explore and develop tokenized deposit products. This approach would see traditional banking products migrated onto blockchain technology, opening new opportunities for the sector.
Dollar dominance remains unchallenged
Market data reveals that dollar-based stablecoins lead by a wide margin. The total value of dollar-pegged tokens issued by Tether has now surpassed $185 billion in circulation, demonstrating the overwhelming market share held by the dollar in digital assets.
In contrast, the euro-pegged stablecoin launched by Societe Generale in 2023 has reached just 107 million euros in circulating volume. This stark difference signals that Europe has yet to achieve the necessary scale in the digital asset ecosystem.
According to experts, for Europe to become more competitive, clearer regulations and greater collaboration among its banks are both critical. Lescure’s call to action is seen as an important show of political will to speed up this process and close the gap.
