According to Reuters, French Finance Minister Roland Lescure stated on Friday that Europe requires more stablecoins pegged to the euro and that banks in EU nations should investigate tokenized deposits. This declaration may signal a shift in the French government's and its central bank's stance. Lescure expressed his support for Qivalis, a consortium of 12 European banks that includes BBVA, ING, UniCredit, and BNP Paribas, and are set 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 stated, "That's what we need, and that's what we want." He also urged banks to explore the launch of tokenized deposits further. The relatively low volume of euro-pegged stablecoins compared to those pegged to the dollar was deemed "unsatisfactory" by Lescure.
In contrast to the current stance, former Finance Minister Bruno Le Maire previously led a strict regulatory approach against privately issued fiat-pegged cryptocurrencies, stating they posed a threat to national sovereignty. More recently, Bank of France Governor Francois Villeroy de Galhau warned that stablecoins and tokenized private money could accelerate the loss of monetary sovereignty.