According to recent reports, French Finance Minister Roland Lescure has expressed support for the development of euro-denominated stablecoins, emphasizing the need for European banks to explore tokenized deposits. This shift in stance was evident in Lescure's comments on Friday, as reported by Reuters. The French government and its central bank may be reevaluating their position on digital currencies.
Lescure voiced his backing for Qivalis, a consortium of 12 European banks, including notable institutions such as BBVA, ING, UniCredit, and BNP Paribas, which plan to launch a euro-pegged stablecoin in the latter half of 2026. The move aims to counter the dominance of the US in the digital payments sector.
"This is what we need, and this is what we want," Lescure stated, also encouraging banks to delve deeper into the launch of tokenized deposits. He noted that the current volume of euro-pegged stablecoins is relatively low compared to those pegged to the US dollar, deeming it "unsatisfactory." This stance marks a departure from the previous strict regulatory approach, led by former Finance Minister Bruno Le Maire, who had expressed concerns about the potential threat of privately-issued fiat-pegged cryptocurrencies to European sovereignty. More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, warned about the potential risks of stablecoins and tokenized private money, citing the threat of privatization of money and loss of monetary sovereignty.