French Finance Minister Roland Lescure has emphasized the need for more stablecoins pegged to the euro, urging banks in the European Union to explore the potential of tokenized deposits, as reported by Reuters. This shift in stance is significant, given the French government and its central bank's previous reservations about digital currencies. Lescure has expressed support for Qivalis, a consortium of 12 European banks planning to launch a euro-pegged stablecoin in the second half of 2026, aiming to counter the dominance of the US in digital payments.
"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 unsatisfactory compared to those pegged to the dollar.
This marks a departure from the stance of 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 about the potential threat of stablecoins and private money to monetary sovereignty during a discussion with Coinbase CEO Brian Armstrong.