French Finance Minister Roland Lescure emphasized the need for more euro-denominated stablecoins on Friday, suggesting that European banks should explore the potential of tokenized deposits, as reported by Reuters. This statement may signify a shift in the French government's and its central bank's approach to cryptocurrency.
Lescure expressed his support for Qivalis, a consortium of 12 European banks, including prominent institutions such as BBVA, ING, UniCredit, and BNP Paribas, which plans to launch a euro-pegged stablecoin in the second half of 2026. The goal of this initiative is to counter the dominance of the US in the digital payments sector. Lescure stated, "This is what we need, and this is what we want.
I strongly encourage banks to further explore the launch of tokenized deposits." He also noted that the current volume of euro-pegged stablecoins is relatively low compared to those pegged to the US dollar, describing this situation as "not satisfactory." Previously, the French government had adopted a strict stance against privately issued fiat-pegged cryptocurrencies, with the former Finance Minister Bruno Le Maire stating that they posed a threat to the sovereignty of nations. Furthermore, in 2023, Le Maire was associated with a EU document that outlined plans to limit the widespread use of stablecoins as a replacement for traditional fiat currency. More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, warned that stablecoins and tokenized private money could pose a threat to monetary sovereignty during a discussion with Coinbase CEO Brian Armstrong.