The United States accelerates. France brakes. While Washington refines federal regulation favorable to stablecoins, the Banque de France multiplies red signals. Two visions that collide. Is it a divergence of doctrine or a desire to stem American monetary influence on European soil? One thing is certain: distrust is installed on the hexagonal side. And the alert is not new.
In short
- Stablecoins are deemed risky: liquidity, cybersecurity, manipulation and fraud are major concerns.
- The dollar dominates these cryptocurrency, strengthening fears of loss of European monetary sovereignty.
- The Banque de France pushes the idea of a digital euro to counter the hegemony of American stablecoins.
- The Stablecoins market weighs more than $ 250 billion, dominated by USDT and USDC.
A sweet war: when the stablecoins become a sovereign risk
Stablecoins, A danger for planetary scale finance ? While the international regulations bank considers them ineffective and dangerous for the world economy, the Banque de France is not to be outdone. “” There are all kinds of risks around these stablecoins “, Said Agnes Bénassy-Quéré, sub-government at the Banque de France, last June.
She was quoting :: liquidity risk, cyber risk, risk of handling, and risk of fraud. It is not trivial. Behind this mastered language, it is An issue of monetary sovereignty which is targeted.
The Banque de France no longer chews its words. According to her, LEs Stablecoins could one day ” substitute for conventional currencies »». The spectrum of complete disintermediation surfaces. And the shadow of the United States hovers. Because the American Senate has just adopted a structuring bill for these assets. USDT and USDC together reach $ 215 billion. Reinforced hegemony.
In May 2022, the sudden fall on the terrausd remained in the spirits. A single wave of withdrawals had been enough to unscrew the course. Result ? Billions evaporated, and a concrete illustration of chaos that these crypto-active can generate.
François Villeroy de Galhau, governor of the Banque de France, goes further. He evokes A ” Risk of de -de -to »Via the invasion of stablecoins backed by the dollar. In a conference held in Paris on June 10, 2025, he insisted:
They pose a serious risk of privatization of money.
Crypto-Regulation or competition? Europe in search of a balance
Faced with the rise of stablecoins, Europe seeks a response. And this one has a name: thedigital euro. Presented as a credible alternative, this “digital ticket” aims to guarantee themonetary autonomy In a world dominated by Crypto platforms.
The governor said it: ” Distribution will be based on a public-private partnership with commercial banks ». This project, supported by the ECBshould materialize by the end of 2025. In parallel, discussions around Stablecoins Euro-compatibles are increasing. Some actors are thinking of tokenizing bank deposits.
Figures to remember:
- 254 billion dollars: Total capitalization of Stablecoins (Source: Coingecko, June 2025);
- 155 billion for the USDT, 60 billion for the USDC: two American giants;
- 66 % of card payments in the euro zone depend on international networks;
- 2022: collapse of the terrausd, estimated loss of $ 40 billion;
- 2025: official launch objective of the digital euro by the ECB.
Stablecoins are just an exotic crypto product. They become A transnational financial toolused in the DEFI, daily payments, and even in the ecosystems of Big Tech. Uber, Apple and X already explore integrations.
European voices are demanding strict supervision. But the pressure rises. On the one hand, American dynamism, on the other, European prudence. And in the middle? Markets that claim clarity, speed and stability.
The Battle of Stablecoin is therefore launched. And the stake is no longer purely financial: it is strategic.
The Bank of International Rules (BIS) undoubtedly shares the concerns of the Banque de France. But it is not aware of the revolution. The tokenization of assets, already started by Blackrock, is now capitalized by Real, an actor who transforms this disruption into a viable model. And this turn is just beginning.
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