France Advocates for Euro-Backed Stablecoins to Counter US Dollar Dominance

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2026-04-19 02:33:01

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French Finance Minister Roland Lescure has urged European banking institutions to develop more euro-pegged stablecoins, citing the current market dominance of US dollar-denominated tokens as "not satisfactory." The push aligns with broader EU efforts to reduce reliance on US payment systems.

US dollar-pegged stablecoins like USDT and USDC currently command the market, reflecting the greenback's global reserve currency status. Their institutional adoption is expected to accelerate following the 2025 GENIUS Act signed by former President Donald Trump.

European banks including ING, UniCredit, and BNP Paribas are collaborating on Qivalis—a euro-based stablecoin project slated for launch in late 2026. The initiative represents a strategic move to establish financial independence from dollar hegemony.

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