According to recent reports, French Finance Minister Roland Lescure emphasized the need for a greater number of euro-backed stablecoins in Europe, urging banks across the EU to explore the potential of tokenized deposits. This shift in stance is marked by Lescure's expressed support for Qivalis, a consortium of 12 European banks aiming to launch a euro-pegged stablecoin in the latter half of 2026, in an effort to counterbalance US dominance in the digital payments landscape.
Lescure voiced his encouragement, stating, "This is what we need, and this is what we want." He also highlighted the necessity for banks to delve deeper into the launch of tokenized deposits. The current volume of euro-backed stablecoins is deemed unsatisfactory compared to their dollar-pegged counterparts. This development marks a departure from the previous strict regulatory approach, spearheaded by former Finance Minister Bruno Le Maire, who had expressed strong reservations about privately issued fiat-pegged cryptocurrencies, citing concerns over national sovereignty.
More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, cautioned against the potential threats posed by stablecoins and tokenized private money, including the risk of monetary sovereignty loss.