Digital replicas of traditional currencies—known as stablecoins—are rapidly conquering the global financial landscape. Pegged to the U.S. dollar or the euro, these cryptoassets are reshaping how money moves, challenging the traditional banking system and emerging as strategic tools in the geopolitical and economic arena. According to Le Monde, this is no longer just a crypto trend—it’s a global shift with far-reaching consequences.
A Financial Bridge Between Two Worlds
Unlike volatile cryptocurrencies such as Bitcoin or Ethereum, stablecoins are designed to maintain a fixed value: 1 USDT equals 1 U.S. dollar, 1 EURC equals 1 euro. This stability makes them the perfect instrument for transactions within the crypto economy. Their original role was to create predictability in an otherwise unpredictable market—but today, their influence extends far beyond that.
The total volume of stablecoins has already exceeded $250 billion—250 times more than in 2018. Analysts at Standard Chartered project the market could reach $2 trillion by 2028. Over 90% of this market is controlled by two players: Tether (USDT) and Circle (USDC), who profit massively by investing user funds in U.S. Treasury securities. In 2024, Tether posted $13.7 billion in profits, while Circle made a triumphant stock market debut, growing its valuation sixfold in under three weeks to over $48 billion.
A Boon for the United States
Stablecoins have become a discreet but powerful mechanism for supporting the dollar and the U.S. economy. As Lorenzo Valente from Ark Invest explains, every USDT or USDC purchased creates demand for U.S. short-term debt, making stablecoins a “Trojan horse” for American bonds. In 2025, Tether became the world’s seventh-largest holder of U.S. Treasuries, ahead of countries like Canada and Germany. With the U.S. debt nearing $29 trillion and global trends shifting away from the dollar, this is a timely windfall.
Unsurprisingly, President Donald Trump’s administration has moved to capitalize on the trend. On June 17, the Senate passed the GENIUS Act, aiming to foster a supportive environment for stablecoin development. Trump himself praised the bill on Truth Social, calling it “an incredible law” that would make the U.S. the “UNQUESTIONED leader in digital assets.”
Crisis for Banks—or a Push for Reinvention?
Traditional banks are understandably alarmed. Stablecoins are eroding their roles and taking over core financial functions. This isn’t limited to crypto-native platforms: JPMorgan and Société Générale are already developing their own tokens. BlackRock launched a tokenized investment fund in 2024. Meanwhile, companies like PayPal, Amazon, and Walmart are exploring launching their own stablecoins to reduce banking fees and streamline cross-border payments.
“Stablecoins are a bridge between the crypto world and the traditional economy,” says Jean-Marc Stenger of SG Forge. With token-based systems, entire transaction chains—from deal to settlement—happen directly on blockchain, eliminating intermediaries and slashing fees. Fintech firms now promise transaction speeds as fast as 30 minutes (down from 24 hours), making stablecoins ideal for remittances and for residents of high-inflation countries like Turkey, Nigeria, and Argentina to access U.S. dollars without banks.
Europe’s Response: MiCA and the Digital Euro
In Europe, stablecoins are met with suspicion. According to Emmanuelle Assouan of the Banque de France, these assets present a triple threat: they are unregulated, non-European, and dollar-based. The EU has introduced the MiCA regulation, which demands transparency, external audits, and secure custody of reserves. So far, only Circle complies—Tether refuses.
Such risks are not hypothetical. In 2023, the collapse of Silicon Valley Bank (which held $3.3 billion of Circle’s reserves) caused USDC to lose 13% of its value temporarily. European financial authorities fear a sudden investor exit could destabilize Treasury markets.
To counterbalance stablecoins, the eurozone is preparing a digital euro. While the retail version remains under debate, the wholesale (interbank) version is already in the works and could launch at scale by late 2026.
As Eric Monnet of EHESS predicts, the coming battle will pit dollar-backed stablecoins against the digital euro. The key question: can Europe set the rules, or will it lose ground to the U.S. once again?
Crypto Glossary: From Bitcoin to Stablecoins
Bitcoin – The first cryptocurrency, created in 2008 and launched in 2009. Based on blockchain technology. Its creator remains anonymous under the pseudonym Satoshi Nakamoto.
Blockchain – A digital ledger of transactions, grouped into “blocks” and linked sequentially to form a transparent, tamper-proof “chain.” Distributed across thousands of computers.
Cryptocurrencies (or Cryptoassets) – Digital, decentralized financial instruments that operate independently of banks. They are highly volatile and used mainly for trading. Bitcoin and Ethereum are the most well-known.
Memecoins – Joke tokens inspired by viral internet memes. Often valueless and driven purely by online hype. Donald Trump released $Trump and $Melania memecoins before his inauguration.
MiCA – The EU’s Markets in Crypto-Assets regulation. The first comprehensive legal framework for cryptoassets, mandating transparency and independent oversight.
Mining – The process of validating crypto transactions and creating new coins by solving complex equations. Now done at scale in data centers, it’s energy-intensive. Ethereum ended mining in 2022.
CBDC (MNBC) – Central Bank Digital Currencies. Government-backed digital money issued by central banks, offering the benefits of crypto with official stability and regulation.
Stablecoin – A type of cryptocurrency pegged to a fiat currency (like the dollar) to avoid volatility. Examples: USDT (Tether) is pegged to the U.S. dollar; EURC to the euro.
Token – A digital unit of value representing an asset. Tokenization turns real-world items (like real estate or artwork) into tradable blockchain-based tokens. Cryptocurrencies are a form of token.
This article was prepared based on materials published by Le Monde. The author does not claim authorship of the original text but presents their interpretation of the content for informational purposes.
The original article can be found at the following link: Le Monde.
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