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The Minister of Finance of France, Roland Lescure, believes that Europe requires euro-pegged stablecoins. He has urged European banks to tokenize deposits in order to end the dominance of the United States in this area.
Speaking at a cryptocurrency conference in Paris, Lescure pointed out that the current transaction volume in euro stablecoins is still “unsatisfactory.” He reminded attendees that a group of major European banks, Qivalis, was previously established to develop its own stablecoin.
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“This is what we need. I encourage banks to actively explore the possibility of launching tokenized deposits,” Lescure stated.
Qivalis is expected to unveil its own stablecoin in the latter half of this year. It will be regulated in accordance with the European Union’s Markets in Crypto-Assets Regulation (MiCA).
According to Visa and the analytics platform Dune, from January 2023 to February 2026, the market capitalization of non-dollar stablecoins has increased by 70%, while transaction volumes have surged 16 times, reaching $10 billion.
