According to recent reports, French Finance Minister Roland Lescure has expressed support for the development of more euro-issued stablecoins, emphasizing the need for European banks to explore tokenized deposits. This shift in stance was evident in Lescure's backing of Qivalis, a consortium of 12 European banks, including prominent institutions such as BBVA, ING, UniCredit, and BNP Paribas, as they prepare to launch a euro-pegged stablecoin in the latter half of 2026. The move is seen as an attempt to counterbalance the dominance of the US in the digital payments sector. Lescure stated, 'That is what we need and that is what we want,' while also encouraging banks to delve deeper into the launch of tokenized deposits.
He further noted that the current low volume of euro-pegged stablecoins compared to their dollar-pegged counterparts is 'not satisfactory.' This newfound support marks a departure from the previous strict regulatory stance against privately issued fiat-pegged cryptocurrencies, which were deemed a threat to national sovereignty by former Finance Minister Bruno Le Maire. In contrast, Lescure's comments suggest a more open approach, recognizing the potential benefits of stablecoins and tokenized deposits in the European financial landscape.