According to recent reports, French Finance Minister Roland Lescure has expressed support for the development of more euro-denominated stablecoins, emphasizing the need for European banks to explore the potential of tokenized deposits. This shift in stance is notable, as it may signal a change in the French government's approach to digital currencies. Lescure's comments come as a group of 12 European banks, including prominent institutions such as BBVA, ING, and BNP Paribas, prepare to launch a euro-pegged stablecoin in the second half of 2026.
The goal of this initiative is to counter the dominance of US-based digital payment systems. Lescure's statement, "That is what we need and that is what we want," underscores the government's desire to promote the use of euro-based stablecoins.
Furthermore, he encouraged banks to further investigate the launch of tokenized deposits, citing the currently limited volume of euro-pegged stablecoins as "not satisfactory." This development marks a departure from the previous stance of former Finance Minister Bruno Le Maire, who had taken a strict regulatory approach to privately issued fiat-pegged cryptocurrencies. More recently, the Bank of France Governor Francois Villeroy de Galhau had warned of the potential risks associated with stablecoins and tokenized private money, including the threat to monetary sovereignty.