Roland Lescure has called on European banks to accelerate the development of euro-pegged stablecoins and tokenized deposits, warning that the region risks falling behind in digital finance due to its reliance on US-dominated payment systems.
Speaking at a crypto conference in Paris, Lescure emphasized that the current scale of euro-denominated stablecoins remains far too small compared to their dollar-backed counterparts. He described the imbalance as “not satisfactory,” highlighting the urgent need for European financial institutions to strengthen their position in the evolving digital asset ecosystem.
Europe Seeks Greater Monetary Independence
The push reflects growing concern among European policymakers about the dominance of US dollar-linked stablecoins in global markets. Tokens such as Tether (USDT) and Circle (USDC) together account for the vast majority of stablecoin supply, which now exceeds $300 billion globally.
By contrast, euro-pegged alternatives remain relatively niche. Assets like EURC, EURS, and Société Générale’s EURCV collectively represent less than $1 billion in market capitalization, underscoring the gap between European and US digital currency adoption.
Lescure’s remarks signal a broader ambition to reinforce Europe’s financial sovereignty by fostering domestic digital payment rails. Expanding euro-based stablecoins could reduce dependence on foreign infrastructure while improving efficiency in cross-border transactions and digital commerce.
Bank-Led Initiatives Gain Momentum
The minister expressed strong support for a consortium formed by major European banks, including ING, UniCredit, and BNP Paribas, which is working to launch a euro-pegged stablecoin in the second half of 2026. He described the initiative as a step in the right direction and encouraged further collaboration across the banking sector.
In addition to stablecoins, Lescure urged banks to explore tokenized deposits. These instruments are seen as a way to combine the stability of regulated banking with the efficiency of distributed ledger technology.
Tokenized deposits could enable faster settlement, programmable payments, and improved liquidity management, making them attractive for both financial institutions and corporate users.
Demand Signals Mixed but Growing
While some research suggests limited current demand among European banks, other data points to increasing adoption of stablecoins globally. Surveys indicate that a growing share of individuals are holding or planning to acquire stablecoins, often using them for payments, savings, or as a bridge between traditional and digital assets.
At the same time, improvements in blockchain-based foreign exchange pricing are narrowing the gap with traditional banking systems. In several corridors, stablecoin-based transactions are approaching parity with interbank FX rates, suggesting that the technology is becoming increasingly competitive.
A Strategic Moment for Europe
Lescure’s call comes at a pivotal moment as regulatory clarity improves across the European Union and financial institutions explore new digital asset strategies. The development of euro-denominated stablecoins and tokenized deposits could play a key role in shaping the region’s financial future.
As competition intensifies globally, Europe’s ability to scale its own digital currency ecosystem may determine whether it remains a key player in the next generation of financial infrastructure.
