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France Pushes Euro-Backed Stablecoins, Challenging Dollar Dominance
Description
France is spearheading a push for euro-backed stablecoins, aiming to rival the dollars dominance in the crypto space. A consortium called Qivalis, comprising ING, UniCredit, and BNP Paribas, is developing a new stablecoin project, set to launch by 2026. Fireblocks has been brought on to handle the infrastructure, ensuring compliance with European regulations. Despite skepticism from some banks, leaders like Societe Generale argue that the lack of demand is due to insufficient infrastructure, not a lack of interest. This is a long-term play, with France betting that a regulated, bank-backed alternative will eventually shift the market.
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