According to Reuters, French Finance Minister Roland Lescure stated on Friday that the European Union needs more stablecoins pegged to the euro, and EU banks should explore tokenized deposits. This announcement marks a potential 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 BBVA, ING, UniCredit, and BNP Paribas, which plans to launch a euro-pegged stablecoin in the second half of 2026. The goal is to counter the dominance of the US in digital payments. Lescure emphasized, "That's what we need, and that's what we want." He also encouraged banks to further investigate the launch of tokenized deposits.
The relatively low volume of euro-pegged stablecoins compared to those pegged to the US dollar was deemed "unsatisfactory" by Lescure. This stance differs from that of former Finance Minister Bruno Le Maire, who previously led a strict regulatory approach against privately issued fiat-pegged cryptocurrencies, considering them a threat to national sovereignty. More recently, Bank of France Governor Francois Villeroy de Galhau warned that stablecoins and tokenized private money could pose a political threat by accelerating the privatization of money and the loss of monetary sovereignty.