According to recent reports, French Finance Minister Roland Lescure emphasized the need for more euro-denominated stablecoins in Europe, urging EU banks to explore the potential of tokenized deposits. This shift in stance was apparent in Lescure's remarks on Friday, as reported by Reuters.
The French government and its central bank may be reevaluating their position on digital currencies. Lescure expressed support for Qivalis, a consortium of 12 European banks, including prominent institutions such as 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 US-based digital payment systems. Lescure stated, "This is what we need, and this is what we want." He also encouraged banks to further investigate the launch of tokenized deposits.
The current limited volume of euro-pegged stablecoins compared to dollar-pegged ones was deemed "unsatisfactory" by Lescure. In contrast to the previous strict regulatory approach, this new stance may signal a shift in the government's policy. Former Finance Minister Bruno Le Maire had previously taken a stringent stance against privately issued fiat-pegged cryptocurrencies, viewing them as a threat to national 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 loss of monetary sovereignty as a primary concern.