French Economy and Finance Minister Roland Lescure stated that the use of euro-pegged stablecoins should be expanded and called on European banks to take a more active role.
According to Reuters, Lescure, speaking at a cryptocurrency conference in Paris, expressed dissatisfaction with the current state of Euro-denominated digital assets.
Minister Lescure pointed out that US dollar-backed stablecoins, in particular, have a much larger market share globally, emphasizing that Europe lags behind in this area. It is believed that the limited scale of Euro stablecoins could weaken the competitiveness of the European financial system in its digital transformation process.
In his speech, Lescure also directly called on banks, saying that financial institutions should further consider products called “deposit tokens,” which convert bank deposits into digital assets.
It is stated that these types of tokens can speed up payment systems and reduce costs by bridging the gap between traditional finance and blockchain technology.
While the European Union has recently taken steps to clarify the regulatory framework for crypto assets and stablecoins, Lescure’s statements are being interpreted as pressure to accelerate this process.
According to experts, the widespread adoption of euro-backed stablecoins could both contribute to the debate on a digital euro and strengthen Europe’s position in global financial competition.
*This is not investment advice.
