France urges banks to launch euro stablecoins by 2026
France’s finance minister urged EU banks at a Paris crypto conference to issue euro-pegged stablecoins by 2026 and expand tokenized deposits to curb dollar dominance.
French Finance Minister Roland Lescure urged European banks at a Paris crypto conference on April 17 to issue euro-pegged stablecoins by 2026 and to expand tokenized deposits to reduce the U.S. dollar’s role in digital payments.
Lescure noted the gap in market liquidity: dollar-pegged stablecoins led by Tether hold more than $185 billion in circulation, while Europe’s largest euro-linked stablecoin, issued by Societe Generale, stands at about €107 million.
He pointed to a new banking consortium that includes ING, UniCredit and BNP Paribas, which plans to launch a euro stablecoin in late 2026. Lescure commented,
That is what we need and that is what we want.
Tokenized deposits convert bank account balances into blockchain-based tokens that can move across digital payment networks. Lescure encouraged lenders to explore these products to modernize payment rails and reduce dependence on foreign technology and providers.
Lescure expressed support for the European Central Bank’s plan to use a digital euro as an anchor for tokenization efforts beginning in 2026, describing the proposal as “the right balance” between public and private digital money.
Some banks and industry groups have warned that a central bank digital currency could pull funds out of existing deposit structures. Lescure responded by endorsing a mixed ecosystem in which a digital euro coexists with privately issued stablecoins and tokenized bank deposits.
Market data show limited customer demand for stablecoins among European banks, with about two-thirds reporting weak interest. Societe Generale’s euro stablecoin has seen only modest uptake since its launch three years ago.
Recent U.S. legislation on stablecoins has added urgency to European planning, prompting officials to press banks to scale euro-denominated digital instruments so the currency remains a settlement option for cross-border and automated trade. Lescure framed the issue as one of financial sovereignty and called on banks to act promptly.
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