French Finance Minister Roland Lescure has emphasized the need for more stablecoins pegged to the euro, urging banks in EU countries to explore the potential of tokenized deposits, as reported by Reuters. This shift in stance is evident in Lescure's support for Qivalis, a consortium of 12 European banks planning to launch a euro-pegged stablecoin in the second half of 2026, aiming to challenge US dominance in digital payments. Lescure expressed his enthusiasm, stating, "This is what we need, and this is what we want." He also encouraged banks to delve deeper into the launch of tokenized deposits. The minister expressed dissatisfaction with the current low volume of euro-pegged stablecoins compared to those pegged to the US dollar.
This stance marks a departure from the previous strict regulatory approach led by former Finance Minister Bruno Le Maire, who had voiced strong opposition to privately issued fiat-pegged cryptocurrencies, citing threats to national sovereignty. More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, warned of the risks of stablecoins and tokenized private money, highlighting the potential loss of monetary sovereignty.