Summary
- The Banque de France said dollar stablecoins could undermine the sovereignty of the European Union (EU).
- François Villeroy de Galhau emphasized that European banks risk falling behind the United States in the development of stablecoins.
- He noted that the current stablecoin market is about $250 billion and could grow to trillions of dollars.
The Banque de France said dollar stablecoins could undermine the sovereignty of the European Union (EU).
On the 25th (local time), according to Bloomberg, François Villeroy de Galhau, Governor of the Banque de France, said in a recent interview with Le Grand Continent, "The potential risk Europe may face is privately issued, externally dependent currencies issued outside Europe, namely dollar stablecoins." Le Grand Continent is a periodical of the French think tank Geopolitics Research Group (GEG).
Villeroy de Galhau emphasized, "European banks risk falling behind the United States in the rapid development of stablecoins." He added, "The stablecoin market is currently about $250 billion and could grow to trillions of dollars within a few years," and said, "The (stablecoin) discussion is only just beginning but is essential for the future of European sovereignty."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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