According to recent reports, France's Finance Minister, Roland Lescure, emphasized the need for a greater number of euro-denominated stablecoins in Europe. He also encouraged banks across the EU to explore the concept of tokenized deposits. This shift in perspective may signal a change in the French government's approach to digital payments. Lescure expressed his support for Qivalis, a consortium of 12 European banks planning to launch a euro-pegged stablecoin in the latter half of 2026.
The goal 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 potential of tokenized deposits. The current limited volume of euro-based stablecoins compared to those pegged to the US dollar was deemed "unsatisfactory" by Lescure. This stance marks a departure from the previous strict regulatory approach led by former Finance Minister Bruno Le Maire, who had expressed concerns about the potential threat of privately issued cryptocurrencies to national sovereignty.
More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, cautioned against the potential risks of stablecoins and private money, citing the threat to monetary sovereignty.