According to Reuters, French Finance Minister Roland Lescure stated on Friday that Europe requires more stablecoins pegged to the euro, and EU banks should investigate tokenized deposits. This declaration may signify a shift in the French government's and its central bank's stance. Lescure expressed 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 to counter US dominance in digital payments.
"This is what we need, and this is what we want," Lescure said, also encouraging banks to explore tokenized deposits further. He deemed the current volume of euro-pegged stablecoins compared to dollar-pegged ones as "unsatisfactory." Former Finance Minister Bruno Le Maire previously led a strict regulatory approach against privately issued fiat-pegged cryptocurrencies, considering them a threat to national sovereignty. In contrast, the current stance appears more open to the concept of stablecoins, with Lescure's comments suggesting a willingness to embrace and regulate them rather than outright banning their use.