France Presses EU to Curb Dollar Stablecoins as Lawmakers Back Wallet Reporting

Overview

• Denis Beau of the Bank of France urged revisions to the EU’s MiCA rulebook to restrict non‑euro stablecoin payments and tighten controls on cross‑border issuance, saying current rules only partly address fast‑moving risks.
• France’s National Assembly approved a measure that would require people to annually report self‑hosted crypto wallets holding more than €5,000, with the anti‑fraud bill still under review and critics warning of weak enforcement and data‑security risks.
• European data cited in the coverage shows dollar‑pegged tokens account for about 98–99% of stablecoins, which policymakers say could pull EU payments toward “stablecoinisation” and reduce the euro’s role in day‑to‑day transactions.
• To build euro‑based rails, the Banque de France plans tokenised central‑bank money services via its Pontes and Appia projects this year, while nine banks including ING, UniCredit and CaixaBank aim to launch a regulated euro stablecoin by late 2026.
• Paris Blockchain Week will bring policymakers and crypto firms together next week in Paris, with a planned address by President Emmanuel Macron setting a public stage for these regulatory and market proposals.