According to recent reports, French Finance Minister Roland Lescure has emphasized the need for more euro-denominated stablecoins in Europe. He also encouraged banks across the EU to explore the potential of tokenized deposits. This shift in stance is notable, given the French government's and central bank's historical reservations about privately issued digital currencies. Lescure expressed support for 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 Minister stated, "This is what we need, and this is what we want." He also stressed that the current volume of euro-pegged stablecoins is insufficient compared to those pegged to the US dollar. This marks a departure from the previous stance of former Finance Minister Bruno Le Maire, who had advocated for strict regulations against privately issued fiat-pegged cryptocurrencies, citing concerns about national sovereignty.
More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, had warned about the potential risks of stablecoins and tokenized private money, including the threat to monetary sovereignty.