According to recent reports, French Finance Minister Roland Lescure has expressed his support for the development of more euro-pegged stablecoins, emphasizing the need for European banks to explore tokenized deposits. This shift in stance is notable, as it marks a departure from the previously strict regulatory approach towards privately-issued fiat-pegged cryptocurrencies. Lescure's comments came as he expressed his backing for Qivalis, a coalition of 12 European banks aiming to launch a euro-pegged stablecoin in the latter half of 2026. The move is seen as an effort to counter the dominance of the US in the digital payments landscape.
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, citing the current low volume of euro-pegged stablecoins as "unsatisfactory". This development is a significant shift from the stance of former Finance Minister Bruno Le Maire, who had previously taken a hardline approach against privately-issued fiat-pegged cryptocurrencies.
More recently, Bank of France Governor Francois Villeroy de Galhau had warned of the potential threats posed by stablecoins and tokenized private money, including the risk of privatization of money and loss of monetary sovereignty.