Key points to remember:
- Roland Lescure urges European banks to launch the euro stable coins by 2026 to counter American financial domination.
- Tether leads the market with $185 billion, while Société Générale’s euro coin holds just $107 million.
- The ECB plans to use the digital euro as a central anchor for tokenization efforts from 2026.
The growing digital gap Liquidity
French Finance Minister Roland Lescure issued a stern warning on Friday, describing the current scarcity of capital indexed to the euro. stable coins “not satisfactory” and calling on the bloc’s banking sector to aggressively pursue token assets to preserve European financial sovereignty.
According to Reuters, Lescure issued the warning via pre-recorded comments at an event in Paris. crypto conference, comments which underline a growing concern within the Élysée and Brussels about the fact that the future of digital commerce is written almost exclusively in American dollars.
It is difficult to exaggerate the extent of American dominance. Tether, the company based in El Salvador stable coin issuer, currently claims a circulation exceeding $185 billion for its dollar-pegged tokens. Meanwhile, European efforts are struggling to gain traction; The Euro-flagship of Société Générale stable coinlaunched three years ago, stagnated at just 107 million euros ($126 million).
To bridge this gap, a heavyweight consortium including ING, Unicredit and BNP Paribas has formed a new company to launch a competitive euro-pegged stablecoin in late 2026.
“This is what we need and this is what we want,” Lescure said Friday, April 17, referring to the collaboration. “I also strongly encourage banks to further explore launching tokenized deposits.”
The strategic shift towards tokenization
Lescure’s agenda extends into the heart of traditional banking, urging lenders to move beyond stablecoins and into tokenized deposits. By converting traditional bank holdings into blockchain-based tokens, officials hope to modernize Europe’s “rails” and reduce the continent’s dependence on foreign payments giants.
This push is increasingly considered from a geopolitical perspective. Strained relations with Washington have accelerated the EU’s quest for “strategic autonomy”, with policymakers concerned that reliance on US payment infrastructure could leave the eurozone vulnerable to foreign policy changes or fragmentation of services.
The minister also addressed the friction between the interests of private banks and the European Central Bank’s (ECB) digital euro project. While some banking lobbies have resisted the ECB’s digital currency, fearing it would drain traditional deposits, Lescure has supported the central bank’s vision.
He described the ECB’s plan to position a central bank digital currency as the “anchor” of tokenization efforts as “the right balance”, suggesting a hybrid ecosystem where public and private digital money work in tandem.
Despite the political urgency, the market remains skeptical. Data from RBC Capital Markets suggests that 66% of European banks still report limited demand for stablecoins from their customers.
However, following US President Donald Trump signing landmark stablecoin legislation last year, European officials believe the window for action is closing. For Lescure, the mission is no longer just about financial innovation: it is about ensuring that the euro remains a relevant currency in the era of autonomous digital commerce.
