According to recent reports, French Finance Minister Roland Lescure emphasized the need for more euro-denominated stablecoins in Europe and encouraged banks across the EU to explore the potential of tokenized deposits. This shift in policy was made public on Friday, as reported by Reuters. The Minister's comments suggest a potential deviation from the French government's and its central bank's previous stance on 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 are planning to launch a euro-pegged stablecoin in the second half of 2026.
The goal of this initiative is to counterbalance the dominance of the US in the digital payments sector. Lescure stated, "This is what we need, and this is what we want." He also urged banks to further investigate the launch of tokenized deposits.
The Minister noted that the relatively low volume of euro-pegged stablecoins compared to those pegged to the US dollar is "unsatisfactory." Previously, the French government, under the leadership of former Finance Minister Bruno Le Maire, adopted a strict regulatory approach towards privately issued fiat-pegged cryptocurrencies, deeming them a threat to the sovereignty of nations. In 2023, Le Maire was linked to an EU document outlining the European Commission's plan to limit the widespread use of stablecoins as a substitute for traditional fiat currency. More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, warned against the potential risks of stablecoins and tokenized private money, citing the threat of privatization of money and the loss of monetary sovereignty.