According to recent reports, French Finance Minister Roland Lescure has emphasized the need for more euro-denominated stablecoins and encouraged banks within the European Union to explore the potential of tokenized deposits. This statement marks a significant shift in the French government's approach to digital payments.
Lescure expressed 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 reduce U.S. dominance in the digital payments sector. The minister stated, "This is what we need, and this is what we want." He also urged banks to further investigate the launch of tokenized deposits. Lescure noted that the current volume of euro-pegged stablecoins is relatively low compared to those pegged to the dollar, deeming it "unsatisfactory." This stance differs from that of former Finance Minister Bruno Le Maire, who previously adopted a strict regulatory approach towards privately issued fiat-pegged cryptocurrencies, citing concerns over national sovereignty.
More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, warned about the potential risks of stablecoins and tokenized private money, emphasizing the threat to monetary sovereignty.