French Finance Minister Roland Lescure on Friday called for greater development of euro-based stablecoins and urged European banks to further explore tokenised deposits.<\/p>\n
In pre-recorded remarks at a cryptocurrency conference in Paris, Lescure said the comparatively low volume of euro-pegged stablecoins compared with dollar-denominated alternatives was \u201cnot satisfactory,\u201d News.Az<\/a> reports, citing Reuters<\/a>.\u00a0<\/p>\n Stablecoins<\/a> are a form of cryptocurrency designed to maintain a stable value, typically backed by traditional fiat currencies.<\/p>\n Banks around the world have been testing the technology, with several forming partnerships to explore its use, particularly after US President Donald Trump signed legislation last year establishing a regulatory framework for stablecoins.<\/p>\n A group of 10 European banks, including ING, UniCredit, and BNP Paribas, formed a company last year to launch a euro-denominated stablecoin, targeting a rollout in the second half of 2026. The initiative aims to reduce dependence on US dominance in digital payments.<\/p>\n \u201cThat is what we need and that is what we want,\u201d Lescure said, referring to the project. He also encouraged banks to further develop tokenised deposit systems.<\/p>\n The world\u2019s largest stablecoin, Tether, reports more than $185 billion worth of dollar-pegged tokens in circulation, while Soci\u00e9t\u00e9 G\u00e9n\u00e9rale\u2019s euro-backed stablecoin, introduced in 2023, has only around 107 million euros in circulation.<\/p>\n