France's Central Bank Breaks With Lagarde — Calls for Private Digital Euro Now!

A public rift has opened at the heart of European monetary policy: Denis Beau, deputy governor of the Banque de France, is calling for immediate mobilisation of public and private European players to build euro-denominated tokenised money — a direct challenge to ECB President Christine Lagarde's preference for a state-led digital euro targeted around 2029.

Beau's concern is structural. Dollar-pegged stablecoins — led by Tether's USDT and Circle's USDC — already account for 98% of the $310 billion stablecoin market, and that figure is projected to reach the trillions. Without a liquid on-chain euro alternative, Beau and others warn that European capital will be forced into dollar-backed assets, eroding the euro's global influence in what he calls 'digital dollarization.' His 'triple objective' framework calls on the EU to upgrade central bank money services, develop pan-European…