According to recent reports, French Finance Minister Roland Lescure has emphasized the need for more euro-denominated stablecoins in Europe, urging EU banks to explore the potential of tokenized deposits. This statement marks a significant shift in the French government's and its central bank's approach to digital currencies. 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 move aims 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 expressed dissatisfaction with the relatively low volume of euro-pegged stablecoins compared to those pegged to the US dollar.
This stance differs from that of the former Finance Minister Bruno Le Maire, who previously advocated for strict regulations against privately issued fiat-pegged cryptocurrencies, citing concerns over national sovereignty. More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, warned against the potential threats of stablecoins and tokenized private money, including the loss of monetary sovereignty.