According to recent reports, French Finance Minister Roland Lescure emphasized the need for more euro-denominated stablecoins in Europe, urging banks across the EU to explore the potential of tokenized deposits. This shift in stance is notable, given the French government's previously cautious approach to privately issued fiat-pegged cryptocurrencies. Lescure 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 US-based digital payment systems.
The Minister 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 development marks a departure from the stricter regulatory stance adopted by former Finance Minister Bruno Le Maire, who had previously argued that privately issued fiat-pegged cryptocurrencies posed 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, including the loss of monetary sovereignty.