France has recently started sounding the alarm again. Macron directly called out the US’s lax approach to cryptocurrency and stablecoin regulation, saying that if not handled properly, this could transmit risks to the global financial system—especially those stablecoins backed by US dollar assets. If left unchecked and allowed to expand, the fragility of the entire system could be multiplied.

The data is indeed alarming: the global stablecoin market has now surpassed $300 billion, a nearly 50% surge from last year, with over 80% pegged to the US dollar. European officials are clearly getting uneasy, worried that this has already reached the level of having "systemic impact." What’s even more concerning is that the Eurozone is being increasingly passively exposed to US monetary conditions—even if the European Central Bank wants to implement independent monetary policy, capital keeps flowing into stablecoins, so how effective can it really be?

So Macron’s stance is clear: Europe must defend its own "monetary sovereignty" and cannot follow the US’s loose regulatory model. This is actually in line with the MiCA regulatory framework that the EU implemented at the end of last year—which tightly restricts stablecoin issuers’ reserve disclosures and service provider qualifications, with standards much stricter than what the US currently has.

He also called on the European Central Bank to proactively adjust its approach—not just focus on traditional financial risks, but also factor in the new variables brought by digital assets. Otherwise, Europe may become increasingly passive in this regulatory game.