According to Reuters, French Finance Minister Roland Lescure emphasized the need for more euro-issued stablecoins in Europe and encouraged banks within the European Union to explore the potential of tokenized deposits. This statement marks a potential shift in the French government's and its central bank's stance on cryptocurrency. Lescure expressed his support for Qivalis, 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 latter half of 2026.
The goal is to counterbalance U.S. dominance in the digital payments sector.
Lescure stated, "This is what we need, and this is what we want. I strongly encourage banks to further investigate the launch of tokenized deposits." He also noted that the current volume of euro-pegged stablecoins is unsatisfactory compared to those pegged to the dollar. Previously, the French government, under former Finance Minister Bruno Le Maire, adopted a strict stance against privately issued fiat-pegged cryptocurrencies, viewing them as a threat to national sovereignty. More recently, the Bank of France Governor, Francois Villeroy de Galhau, warned against the potential risks of stablecoins and tokenized private money, citing the threat of privatization of money and loss of monetary sovereignty.