Denis Beau, deputy governor of the Bank of France, on Tuesday urged Europe to mobilize "all relevant European players, public and private" to develop tokenized money. The statement directly conflicts with European Central Bank (ECB) President Christine Lagarde's recent remarks, in which she said "the case for promoting euro-denominated stablecoins is far weaker than it appears."
Beau: Public-Private Collaboration Essential for Eurozone Economy
Beau told CoinDesk that private-sector solutions are necessary for the region's economic development, warning that dollar-pegged tokens now account for 98% of the $310 billion stablecoin market. Without liquid euro-pegged alternatives, European capital could flow into dollar-backed assets, eroding the euro's global influence and monetary sovereignty.
He outlined a "triple objective" for the EU: adapting central bank money services for tokenization, developing pan-European private tokenized money issued by regulated financial institutions, and strengthening the Markets in Crypto-Assets Regulation (MiCA). "To ensure a sound development of tokenized finance in Europe, its payment and settlement asset pillar should be in euro," Beau said.
Qivalis Bank Consortium Plans Private Digital Euro This Year
Beau's stance aligns with Qivalis, a group of 12 major European banks including ING, BBVA and BNP Paribas, which plans to launch a private digital euro later this year. Qivalis CEO Jan-Oliver Sell previously warned that without a liquid onchain euro, "the only alternative is the U.S. dollar," posing a risk to Europe's financial and digital sovereignty.
Lagarde agrees on the need for alternatives to dollar stablecoins but prefers a central bank digital euro, which she previously suggested could be ready by 2029. Beau countered that the Eurosystem is already moving—a wholesale central bank money service in tokenized form will debut by year-end, referencing projects like Pontes. "Public and private efforts should complement and support each other," Beau said in a March 26 speech in Nicosia, Cyprus, calling for secure, efficient pan-European payment solutions relying on the coexistence of public and private money.