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European banks launch joint initiative as policymakers seek blockchain-based alternatives to strengthen financial independence.
Finance minister of France, Roland Lescure, has urged the speedy creation of euro stablecoins in order to counter dominance by the United States in digital money. According to an interview given during a Paris crypto conference on April 17th, he was worried that euro stable coins have not been adopted as much as dollar stable coins. His observations indicate how Europe is making efforts towards attaining sovereignty in finances using digital currencies.
Despite clear regulatory measures following the enactment of the stablecoin legislation by US President Donald Trump, the euro stablecoin industry continues to develop poorly. There has been a collaboration by some big European banks, such as ING, UniCredit, and BNP Paribas, establishing a firm that will launch a euro stablecoin in the second part of 2026. The move is seen as a way to counter the strong hold of Tether's US dollar stablecoins, whose global market cap exceeds $185 billion, compared to Societe Generale's euro stablecoin with only 107 million euros of its circulating supply.
"This is exactly what we need, and this is exactly what we want," stated Lescure in support of the banking collaboration. He further called on financial institutions to consider tokenised deposits as a possible way to create digital tokens from already available financial products. The Finance Minister supported the digital euro project by the European Central Bank, stating that it was the project that brought "the right balance for European currencies".
Business Honor notes that, according to surveys, most banks in Europe have reported minimal demand for stablecoins due to the fact that the cryptocurrencies mainly serve trading purposes as opposed to payments.
- Sandra Kelembeth
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