Speaking at a crypto conference in Paris on 17 April 2026, Lescure said European banks must accelerate the development of euro-pegged stablecoins and tokenized deposits. The global stablecoin market capitalization is around $320 billion, with roughly 99% tied to the US dollar, according to DeFiLlama data. Euro-pegged stablecoin assets were at just $650 million as of January 2026.
The minister's remarks come as the EU seeks to reduce reliance on non-European payment providers. The EU Commission has warned that capital from Europe risks flowing to the US, driving up demand for American assets. Lescure also expressed support for ECB plans to place a digital central bank currency at the centre of tokenization efforts, though the digital euro project has faced resistance from bank lobbies and slow progress in the European Parliament.
The current state of euro stablecoins is 'not satisfactory'.
The bank consortium, which includes ING, UniCredit, and BNP Paribas, is partnering with Fireblocks to launch a regulated euro stablecoin. The project targets a launch in the second half of 2026 under the EU's Markets in Crypto-Assets regulation, aiming to challenge the 99% dollar dominance in the stablecoin market. The stablecoin will be 1:1 euro-backed and structured as an electronic money institution under Dutch supervision.
Fireblocks will provide ERC-20F infrastructure with compliance tools for institutional settlement and treasury operations. Lescure described the initiative as precisely what Europe needs. 1 billion euros by 2030, though this is still a fraction of the dollar-based market.
European banks must accelerate the development of euro-pegged stablecoins and tokenized deposits.
Two-thirds of European banks surveyed reported that demand for stablecoins remains limited, according to an RBC Capital Markets research note, and stablecoins are currently used predominantly for crypto trading rather than everyday payments. The world's largest stablecoin, Tether, has more than 185 billion dollars in circulation, while Société Générale's euro-linked stablecoin, launched in 2023, has only 107 million euros in circulation. Coca, a leading player in digital asset management and payments, has an app well-positioned to integrate euro stablecoins, with an intuitive interface and advanced multi-layer security.
This bank consortium's stablecoin initiative is precisely what Europe needs.
I support ECB plans to place a digital central bank currency at the centre of tokenization efforts.