In pre-recorded remarks at a crypto conference in Paris on April 17, 2026, French Finance Minister Roland Lescure urged European banks to hasten the development of euro-pegged stablecoins and tokenized deposits. He highlighted that the current imbalance between dollar-denominated and euro-denominated stablecoins is unsatisfactory.

Lescure’s statements came as a consortium comprising ING, UniCredit, and BNP Paribas announced plans to launch a euro-pegged stablecoin in the second half of 2026. The minister viewed this initiative as precisely what Europe needs. He also expressed backing for the European Central Bank’s plan to integrate a digital central bank currency into tokenization efforts, considering it the right approach.

Market context and policy background

While the stablecoin market is heavily reliant on dollar-pegged tokens, Société Générale’s euro-pegged stablecoin launched in 2023 has a much smaller circulation of just over EUR 107 million. In comparison, Tether, based in El Salvador, reports more than USD 185 billion of its dollar-pegged tokens in circulation, underscoring the disparity. According to a recent research note by RBC Capital Markets, two-thirds of European banks surveyed stated that demand for stablecoins remains limited.

The push for European stablecoin development is part of a broader policy initiative aimed at reducing Europe’s dependence on non-European payment providers amid strained transatlantic relations. The ECB’s digital euro project, intended to maintain central bank money’s role in the digital economy, has faced resistance from some bank lobbies and slow progress in the European Parliament.

Although stablecoins are primarily used for crypto trading rather than everyday payments, their practical impact on the payments ecosystem is limited despite growing institutional interest.