PARIS – France’s Finance Minister Roland Lescure expressed concerns this week about Europe’s limited presence in the digital currency market, urging the continent’s financial institutions to develop more euro-backed cryptocurrency options.
Speaking at a cryptocurrency conference in Paris on Friday, Lescure described the current disparity between euro-pegged and dollar-pegged digital currencies as unsatisfactory, given the small market share held by European alternatives.
Financial institutions across the globe are testing stablecoins – digital currencies engineered to hold steady values by being backed by traditional money. This experimentation has accelerated since former President Donald Trump enacted legislation last year that created regulatory framework for these digital assets.
Ten major European banking institutions, including ING, UniCredit, and BNP Paribas, established a joint venture last year with plans to introduce a euro-backed stablecoin during the latter half of 2026. This collaborative effort aims to challenge American supremacy in digital payment systems.
Lescure voiced support for this banking alliance, stating: “That is what we need and that is what we want.” He further emphasized his position by saying: “I also strongly encourage banks to further explore the launch of tokenised deposits.”
The market size difference is striking – Tether, the world’s leading stablecoin, reports over $185 billion worth of dollar-backed tokens currently circulating. Meanwhile, Societe Generale’s euro-pegged alternative, which debuted in 2023, has only 107 million euros in circulation.
