"Lescure issued a stark warning on Friday, labeling the current scarcity of euro-pegged stablecoins not satisfactory and calling on the bloc's banking sector to aggressively pursue tokenized assets to preserve European financial sovereignty."
"The scale of U.S. dominance is difficult to overstate. Tether, the El Salvador-based stablecoin issuer, currently boasts a circulation exceeding $185 billion for its dollar-pegged tokens."
"To bridge this gap, a heavyweight consortium including ING, Unicredit, and BNP Paribas has formed a new venture to launch a competitive euro-pegged stablecoin in late 2026."
French Finance Minister Roland Lescure emphasized the need for European banks to develop euro-based stablecoins and tokenized deposits to combat U.S. dollar dominance in digital payments. He highlighted the insufficient number of euro-pegged stablecoins, with Tether leading the market at $185 billion while Societe Generale's euro coin only reached 107 million euros. A consortium of major banks aims to introduce a competitive euro-pegged stablecoin by late 2026, with the European Central Bank planning to use the digital euro as a central anchor for these efforts.
Read at news.bitcoin.com
Unable to calculate read time
Collection
[
|
...
]