Stablecoins Under Fire: BIS Warning Escalates as Banque de France Joins the Fray

Central banks are circling the wagons—and stablecoins are in their crosshairs. First the BIS, now France’s monetary watchdog sounds the alarm. Is this coordinated fear-mongering or legit concern? Let’s break it down.

The Regulatory Onslaught

Another day, another central bank clutching pearls over stablecoins. The Banque de France just piled onto the BIS’s doom-and-gloom narrative, warning about ‘systemic risks’—because apparently $150B in stablecoin market cap keeps them up at night. Never mind that it’s less than 1% of global FX turnover.

Why They’re Sweating

Hint: control. Stablecoins bypass monetary gatekeepers, and that’s existential for institutions that still fax their memos. Tether’s daily volume now rivals major fiat corridors—try spinning that as ‘niche.’

The Cynical Take

Watch regulators ‘solve’ this non-crisis with heavy-handed rules that just happen to protect banking cartels. Innovation marches on—with or without their blessing.

In Brief

• Stablecoins are considered risky: liquidity, cybersecurity, manipulation, and fraud are major concerns.
• The dollar dominates these crypto-assets, increasing fears of loss of European monetary sovereignty.
• The Bank of France promotes the idea of a digital euro to counter the hegemony of American stablecoins.
• The stablecoin market weighs more than 250 billion dollars, dominated by USDT and USDC.

A Soft War: When Stablecoins Become a Sovereign Risk

Stablecoins,? While the Bank for International Settlements judges them ineffective and dangerous for the global economy, the Bank of France is no exception. “There are all kinds of risks around these stablecoins“, declared Agnès Bénassy-Quéré, Deputy Governor of the Bank of France, last June.

She mentioned:. This is not insignificant. Behind this controlled language, it isthat is at stake.

The Bank of France no longer minces its words. According to it,. The specter of complete disintermediation emerges. And the shadow of the United States looms. Because the US Senate has just adopted a structuring bill for these assets.. An enhanced hegemony.

In May 2022, the violent collapse of TerraUSD remains in memory. A single wave of withdrawals was enough to make the price plummet. Result? Billions evaporated, and a concrete illustration of the chaos these crypto-assets can generate.

François Villeroy de Galhau, Governor of the Bank of France, goes further. He speaks of. In a conference held in Paris on June 10, 2025, he emphasized:

They pose a serious risk of currency privatization.

Crypto Regulation or Competition? Europe Seeking a Balance

Faced with the rise of stablecoins, Europe is seeking. And this has a name: the. Presented as a credible alternative, this “digital note” aims to guaranteein a world dominated by crypto platforms.

The Governor affirmed: “Distribution will rely on a public-private partnership with commercial banks“. This project,, should materialize by the end of 2025. In parallel, discussions about euro-compatible stablecoins are multiplying. Some actors are considering tokenizing bank deposits.

Key numbers to remember:

• 254 billion dollars: total capitalization of stablecoins (source: CoinGecko, June 2025);
• 155 billion for USDT, 60 billion for USDC: two American giants;
• 66% of card payments in the euro area depend on international networks;
• 2022: collapse of TerraUSD, estimated loss of 40 billion dollars;
• 2025: official target for the launch of the digital euro by the ECB.

Stablecoins are no longer just an exotic crypto product. They are becoming, used in DeFi, daily payments, and even within Big Tech ecosystems. Uber, Apple, and X are already exploring integrations.

European voices call for strict regulation. But pressure is mounting. On one side, American dynamism; on the other, European caution. And in the middle? Markets demanding clarity, speed, and stability.

The stablecoin battle is therefore on. And the issue is no longer purely financial: it is strategic.

The Bank for International Settlements (BIS) likely shares the concerns of the Bank of France. But it does not ignore the revolution underway. Asset tokenization, already initiated by Blackrock, is now capitalized by Real, an actor transforming this disruption into a viable model. And this shift has only just begun.

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