According to recent reports, French Finance Minister Roland Lescure emphasized the need for more euro-denominated stablecoins and encouraged European banks to explore tokenized deposits. This shift in stance was evident in his support for Qivalis, a consortium of 12 European banks planning to launch a euro-pegged stablecoin in the second half of 2026, aiming to counter US dominance in the digital payments landscape. Lescure stated, "This is what we need and what we want," while also urging banks to delve deeper into the launch of tokenized deposits.
He expressed dissatisfaction with the current low volume of euro-pegged stablecoins compared to their dollar-pegged counterparts. This marks a departure from the previous strict regulatory stance led by former Finance Minister Bruno Le Maire, who had expressed concerns over privately-issued fiat-pegged cryptocurrencies.
In contrast, Lescure's comments suggest a more open approach, recognizing the potential benefits of stablecoins and tokenized deposits in the European financial sector.