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 statement marks a significant shift in the government's policy, as Lescure expressed support for Qivalis, a consortium of 12 European banks planning to launch a euro-pegged stablecoin in the second half of 2026. The goal is to counter the dominance of US-based digital payment systems.
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, citing the current low volume of euro-pegged stablecoins as "unsatisfactory". This new stance differs from the previous strict regulatory approach led by former Finance Minister Bruno Le Maire, who opposed privately-issued fiat-pegged cryptocurrencies. More recently, the Bank of France Governor Francois Villeroy de Galhau warned about the potential risks of stablecoins and private money, emphasizing the threat to monetary sovereignty.