According to recent reports, French Finance Minister Roland Lescure emphasized the need for a greater number of euro-denominated stablecoins in Europe, urging EU banks to explore the potential of tokenized deposits. This shift in rhetoric may signal a change in stance from the French government and its central bank.
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 landscape. Lescure stated, "This is what we need, and this is what we want." He also encouraged banks to further investigate the launch of tokenized deposits. The relatively low volume of euro-pegged stablecoins compared to their dollar-pegged counterparts was deemed "unsatisfactory" by Lescure.
This stance marks a departure from the strict regulatory approach previously advocated by former Finance Minister Bruno Le Maire, who had expressed concerns about the potential threat posed by privately issued fiat-pegged cryptocurrencies to the sovereignty of nations. More recently, Bank of France Governor Francois Villeroy de Galhau warned about the potential risks associated with stablecoins and tokenized private money, citing the threat of privatization of money and loss of monetary sovereignty.