According to recent reports, French Finance Minister Roland Lescure emphasized the need for more euro-issued stablecoins in Europe, and encouraged banks across the EU to explore the potential of tokenized deposits. This statement marks a significant shift in the government's policy, as Lescure expressed support for Qivalis, a consortium of 12 European banks planning to launch a euro-pegged stablecoin in the second half of 2026. The move aims to counter the dominance of US-based digital payment systems. Lescure stated, "This is what we need, and this is what we want.
I also strongly encourage banks to further explore the launch of tokenized deposits." He noted that the current volume of euro-pegged stablecoins is relatively low compared to dollar-pegged ones, deeming it "not satisfactory." This stance differs from the previous strict regulatory approach, led by former Finance Minister Bruno Le Maire, who opposed privately-issued fiat-pegged cryptocurrencies. More recently, Bank of France Governor Francois Villeroy de Galhau warned that stablecoins could pose a threat to monetary sovereignty, emphasizing the need for caution in the adoption of digital currencies.