French Finance Minister Calls for Development of Euro Stablecoin to Challenge Dollar Dominance

BroadChain04/19/2026, 02:16 AM

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Summary

BroadChain learned that at 02:16 on April 19, according to Bitcoinist, French Finance Minister Roland Lescure recently called on European banks to develop more euro-pegged stablecoins to counter the overwhelming dominance of the US dollar in this field. In a pre-recorded speech at a crypto conference in Paris, Lescure pointed out that the trading volume of euro stablecoins is "unsatisfactory" compared to dollar stablecoins. He specifically mentioned the Qivalis project, a joint initiative by European banks including ING, UniCredit, and BNP Paribas, which aims to develop a euro stablecoin expected to launch in the second half of 2026 to counter dollar dominance. This move is seen as an effort by European authorities to reduce reliance on non-European supplies.

According to BroadChain, at 02:16 on April 19, as reported by Bitcoinist, French Finance Minister Roland Lescure recently called on European banks to develop more euro-pegged stablecoins to counter the overwhelming dominance of the U.S. dollar in this field. In a pre-recorded speech at a cryptocurrency conference in Paris, Lescure noted that the trading volume of euro stablecoins is "unsatisfactory" compared to that of U.S. dollar stablecoins. He specifically mentioned the Qivalis initiative, jointly launched by European banks such as ING, UniCredit, and BNP Paribas, which aims to develop a euro stablecoin expected to be launched in the second half of 2026 to challenge the dominance of the U.S. dollar. This move is seen as part of European authorities' efforts to reduce reliance on non-European suppliers and seek financial autonomy. Currently, the total market capitalization of global stablecoins is $325.72 billion, while the market capitalization of euro stablecoins is only $675.9 million, accounting for just 0.207%. Among them, EURC leads with a market cap of $429.01 million. Lescure also encouraged European banks to explore tokenized deposits to keep pace with the blockchain adoption trends of major global banks such as JPMorgan Chase, HSBC, and Citigroup. Additionally, the European Central Bank is developing a digital euro to play a key role in the digital economy.