According to a recent statement by French Finance Minister Roland Lescure, the European Union needs to see an increase in the issuance of euro-backed stablecoins, and EU banks should explore the potential of tokenized deposits. This statement, as reported by Reuters, may mark a shift in the stance of the French government and its central bank towards digital currencies. Lescure has expressed his support for Qivalis, a consortium of 12 European banks, including notable institutions such as BBVA, ING, UniCredit, and BNP Paribas, which plans to launch a euro-pegged stablecoin in the latter half of 2026.
The goal of this initiative is to challenge the dominance of the US in the digital payments sector. Lescure emphasized, "This is what we need, and this is what we want." He also encouraged banks to delve deeper into the launch of tokenized deposits.
The current volume of euro-pegged stablecoins is considered unsatisfactory compared to those pegged to the US dollar. 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, viewing them as a threat to national sovereignty. More recently, the Governor of the Bank of France, Francois Villeroy de Galhau, warned of the potential risks associated with stablecoins and tokenized private money, citing the loss of monetary sovereignty as a significant threat.