Recently, I noticed an interesting policy shift in Europe regarding stablecoins. French Finance Minister Roland Lescure's recent statements caught my attention—he publicly stated that Europe urgently needs more euro-denominated stablecoins and encouraged EU banks to accelerate exploring the possibility of tokenized deposits.

This viewpoint actually reflects a real issue: currently, the scale of euro stablecoins is far below that of dollar stablecoins, and Lescure frankly described this situation as "unsatisfactory." Think about it—while dollar stablecoins have long dominated the crypto market, euro stablecoins are still relatively marginal, which is indeed a shortcoming for Europe.

Interestingly, the official stance on stablecoins in France is changing. Former Finance Minister Bruno Le Maire was once firmly opposed to private issuance of stablecoins, and the Bank of France Governor Francois Villeroy de Galhau repeatedly warned that stablecoins could threaten monetary sovereignty. But now, the tone is clearly different—shifting from defense to active exploration, indicating that Europe is reassessing the strategic importance of digital assets and tokenization.

From a market perspective, if the EU truly promotes euro stablecoins and tokenized deposits, it could change the entire crypto ecosystem landscape. The importance of the euro in global finance is self-evident; once more euro stablecoins enter the market, it will have a substantial impact on liquidity and diversification across the industry. That’s why I’ve been closely watching Europe’s policy developments lately.