According to recent reports, French Finance Minister Roland Lescure emphasized the need for more euro-denominated stablecoins in Europe, urging EU banks to explore the potential of tokenized deposits. This shift in perspective marks a significant departure from the country's previous stance on digital assets. Lescure expressed his support for Qivalis, a consortium of 12 European banks, including prominent institutions such as BBVA, ING, UniCredit, and BNP Paribas, which plan to launch a euro-pegged stablecoin in the latter half of 2026. The move aims to counterbalance the dominance of the US in the digital payments landscape.
"This is what we need, and this is what we want," Lescure stated, also encouraging banks to delve deeper into the launch of tokenized deposits. He noted that the current volume of euro-pegged stablecoins is inadequate compared to their dollar-pegged counterparts. Previously, the French government had adopted a strict regulatory approach towards privately issued fiat-pegged cryptocurrencies, with the former Finance Minister Bruno Le Maire asserting that they posed a threat to national sovereignty.
In 2023, Le Maire was linked to an EU document outlining plans to restrict the widespread use of stablecoins as a replacement for traditional fiat currency. More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, cautioned against the potential risks of stablecoins and tokenized private money, citing the threat of monetary sovereignty loss.