According to recent reports, French Finance Minister Roland Lescure has 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 and central bank'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 US dominance in digital payments. The minister stated, "This is what we need, and this is what we want," and encouraged banks to further investigate tokenized deposits.
He also expressed dissatisfaction with the relatively low volume of euro-pegged stablecoins compared to dollar-pegged ones. This development marks a departure from the stance of former Finance Minister Bruno Le Maire, who had advocated for strict regulations against privately-issued fiat-pegged cryptocurrencies, citing concerns over national sovereignty. More recently, Bank of France Governor Francois Villeroy de Galhau warned of the potential risks of stablecoins and tokenized private money, including the loss of monetary sovereignty.