According to recent reports, French Finance Minister Roland Lescure has emphasized the need for a greater number of euro-backed stablecoins in Europe, and has encouraged banks across the EU to explore the use of tokenized deposits. This shift in stance may signal a new direction for the French government and its central bank. Lescure has expressed support for Qivalis, a consortium of 12 European banks, including notable 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 of this initiative is to counter the dominance of the US in the digital payments sector.
Lescure stated, "This is what we need, and this is what we want. I also strongly encourage banks to further explore the launch of tokenized deposits." He noted that the current volume of euro-backed stablecoins is relatively low compared to those pegged to the US dollar, describing this as "not satisfactory." This development marks a departure from the previous stance of the French government, which had taken a more cautious approach to privately issued fiat-pegged cryptocurrencies.
Former Finance Minister Bruno Le Maire had previously expressed concerns that such currencies posed a threat to the sovereignty of nations. More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, warned of the potential risks associated with stablecoins and tokenized private money, citing the threat of privatization of money and loss of monetary sovereignty.