According to Reuters, French Finance Minister Roland Lescure emphasized the need for more euro-issued stablecoins on Friday, suggesting that European Union banks should explore tokenized deposits. This statement marks a potential shift in the stance of the French government and its central bank. Lescure expressed support for Qivalis, a consortium of 12 European banks, including BBVA, ING, UniCredit, and BNP Paribas, which plans to launch a euro-pegged stablecoin in the second half of 2026. The move aims to counter the dominance of the US in digital payments.
Lescure stated, "That is what we need and that is what we want." He also encouraged banks to further investigate the launch of tokenized deposits. The relatively low volume of euro-pegged stablecoins compared to dollar-pegged ones was described as "not satisfactory" by Lescure.
Previously, former Finance Minister Bruno Le Maire adopted a strict regulatory approach to privately issued fiat-pegged cryptocurrencies, deeming them a threat to national sovereignty. In 2023, Le Maire was linked to an EU document outlining the European Commission's plan to limit the widespread use of stablecoins as a replacement for fiat currency.
More recently, Bank of France Governor Francois Villeroy de Galhau warned that stablecoins and tokenized private money could accelerate the threat of privatization of money and loss of monetary sovereignty during a confrontation with Coinbase CEO Brian Armstrong.