French regulators are calling for tighter control over stablecoins, especially those pegged to foreign currencies like the US dollar. Denis Beau warned that current EU rules under MiCA may not go far enough to address risks from non-European stablecoin issuers.

With dollar-backed stablecoins dominating nearly the entire market, French officials are concerned about financial sovereignty and systemic risk within the eurozone. The push suggests Europe may move toward prioritizing euro-based digital assets and strengthening oversight to reduce reliance on external monetary systems.