The French Finance Minister, Roland Lescure, emphasized the need for a greater number of euro-backed stablecoins in the European market, encouraging banks to explore tokenized deposits. This statement marks a significant shift in the French government's approach to digital currencies. Lescure voiced 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 challenge US dominance in the digital payments sector.
"This is what we need, and this is what we want," Lescure stated, 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 those pegged to the US dollar.
This stance differs from that of the former Finance Minister, Bruno Le Maire, who previously advocated for strict regulations against privately issued fiat-pegged cryptocurrencies, citing threats to national sovereignty. More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, warned against the potential risks of stablecoins and tokenized private money, including the loss of monetary sovereignty. The recent statements suggest a potential evolution in the French government's policy regarding digital currencies and stablecoins.