According to reports from Reuters, French Finance Minister Roland Lescure emphasized the need for more euro-denominated stablecoins in Europe and encouraged banks within the EU to explore the potential of tokenized deposits. This statement marks a notable shift in the stance of the French government and its central bank. Lescure expressed his support for Qivalis, a consortium of 12 European banks, including prominent institutions such as BBVA, ING, UniCredit, and BNP Paribas, which plan to launch a euro-pegged stablecoin in the second half of 2026. The goal of this initiative is to counter the dominance of the US in the digital payments sector.
Lescure stated, "This is what we need, and this is what we want." He also urged banks to further investigate the launch of tokenized deposits. The minister noted that the current volume of euro-pegged stablecoins is relatively low compared to those pegged to the US dollar, describing this situation as "not satisfactory." Previously, the former Finance Minister Bruno Le Maire had adopted a strict regulatory stance against privately issued fiat-pegged cryptocurrencies, viewing them as a threat to national sovereignty.
In 2023, Le Maire was associated with an EU document outlining the European Commission's plan to prevent stablecoins from becoming widely used as a replacement for traditional fiat currency. More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, warned that stablecoins and tokenized private money could accelerate the loss of monetary sovereignty, framing it as a significant political threat.