French Finance Minister Roland Lescure has called for more euro-pegged stablecoins as Europe looks for a stronger position in digital payments.
In remarks delivered at a crypto conference in Paris on April 17, Lescure said the current scale of euro stablecoins remains too small compared with dollar-pegged tokens.
He also urged European banks to move faster on tokenized deposits. His comments placed the focus on Europe’s effort to build more local digital payment tools at a time when dollar-based stablecoins continue to lead the market.
The message came as banks, regulators, and policymakers across the region weigh how Europe should compete in blockchain-based finance.
France pushes euro stablecoins higher on the agenda
Lescure said Europe needs more euro-based stablecoins and stronger bank participation in the sector. He described the limited volume of euro-pegged stablecoins as “not satisfactory,” pointing to the large gap between euro and dollar-linked tokens.
His remarks showed clear support for a wider European push to build alternatives that rely less on U.S.-led payment infrastructure.
The French minister also tied that goal to tokenized deposits. These products use blockchain-based tokens to represent traditional bank deposits. In his remarks, Lescure said banks should explore them further as part of the region’s digital finance strategy.
He framed both euro stablecoins and tokenized deposits as tools that could help Europe strengthen its own financial rails.
His remarks are made when stablecoins are more integrated into the financial system. Banks and payment companies are experimenting with how they can be used to facilitate settlements, international transfers, and new online services.
In Europe, the discussion is now whether or not the region can develop enough local products to avoid being further behind the United States in this market.
Such a discussion has become more pressing since policy tensions between Europe and the United States persist in influencing the decisions regarding payments and financial technology.
The European officials have become increasingly interested in decreasing their dependence on non-European providers, particularly in digital finance. The comments of Lescure are within that broader policy line.
European banks prepare their own euro stablecoin plan
A group of European banks, including ING, UniCredit, and BNP Paribas, has already formed a company to launch a euro-pegged stablecoin in the second half of 2026.
Lescure backed that effort in clear terms. Referring to the bank-led initiative, he said, “That is what we need and that is what we want.”
That support matters because the project could give Europe a bank-backed answer to a market still led by private dollar stablecoins. If the plan moves forward on schedule, it could offer a euro-based product designed by major financial institutions with direct experience in payments, compliance, and customer networks across the region.
The effort also shows that Europe is no longer treating stablecoins only as a crypto trading tool. Policymakers and banks now want to test whether these assets can play a broader role in payments and settlement. That shift is part of a larger move toward tokenization, where existing financial assets are represented on blockchain networks.
Lescure also linked this push to the digital euro debate. He said he supports the European Central Bank’s plan to place central bank digital currency at the center of tokenization efforts, calling it “the right balance.”
Dollar stablecoins still dominate the market
The challenge for Europe remains the size of the gap. The stablecoin market is still led by dollar-pegged assets, with Tether at the center. Tether has more than $185 billion of its dollar-linked tokens are now in circulation.
By comparison, euro-pegged stablecoins remain small in both market value and day-to-day use. Societe Generale’s euro-pegged stablecoin, launched in 2023, has only 107 million euros in circulation.
That contrast shows how far Europe still has to go if it wants euro stablecoins to become a serious part of digital payments. While several firms are building products, adoption has not yet matched the scale seen in the dollar market.
Research cited this week also points to slow demand among banks. According to a note from RBC Capital Markets, two-thirds of surveyed European banks said demand for stablecoins remains limited.
In the meantime, that opinion indicates that the business case is evolving, despite the policymakers drive towards increased local activity within the industry.
Stablecoins are also yet to fully contribute to daily payments. Their continued application is still limited to crypto markets, such as trading, inter-exchange transfers, and on-chain liquidity.
Europe has an additional aim of not only issuing more euro stablecoins but also making more impactful real-world use cases beyond crypto trading alone.
Europe’s digital payment strategy keeps expanding
The stablecoin push sits within a wider European effort to modernize digital finance. Policymakers want to strengthen domestic payment options as concerns grow over fragmentation in the region’s payment services.
That has added pressure on banks, regulators, and lawmakers to support projects that keep more control within Europe.
The European Central Bank has also continued work on a digital euro. That project aims to preserve the role of central bank money as the economy becomes more digital.
Progress has been slow in some areas, and bank lobbies in parts of Europe have pushed back. Even so, the ECB continues to present the digital euro as a core part of Europe’s long-term payments plan.
France has also seen a wider debate over digital assets in recent months. In November, French lawmakers prepared to debate a motion that called for rejecting the ECB’s digital euro project while supporting stablecoins and crypto assets instead.
More recently, French officials have also spoken about investor safety as physical attacks linked to crypto wealth have drawn attention.