According to recent statements, Europe requires a greater number of euro-issued stablecoins, and European Union banks should investigate tokenized deposits, as stated by French Finance Minister Roland Lescure on Friday, reports Reuters. This announcement signals a possible change in the French government's and its central bank's approach.
Lescure voiced his 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 expressed his enthusiasm, stating, "That is what we need and that is what we want." He also urged banks to explore the launch of tokenized deposits further. The minister expressed dissatisfaction with the relatively low volume of euro-pegged stablecoins compared to those pegged to the US dollar. Previously, former Finance Minister Bruno Le Maire adopted a strict regulatory stance against 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 traditional 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.