France's finance minister, Roland Lescure, has endorsed a plan by European banks to introduce a euro-pegged stablecoin in 2026. This initiative aims to compete directly with the dominant US dollar-backed tokens currently controlling the market.
The Qivalis stablecoin project, supported by major EU banks including ING and UniCredit, is being developed in compliance with the EU's Markets in Crypto Assets (MiCA) regulatory framework. The projected launch for the MiCA-compliant stablecoin is the latter half of 2026.
Lescure stated, "That is what we need, and that is what we want." He also encouraged banks to explore tokenized deposits further. The move comes as a response to the significant market capitalization of US dollar stablecoins like Tether's USDt, with USDT alone holding approximately $186 billion as of Friday.
Banque de France Governor François Villeroy de Galhau previously highlighted tokenization and stablecoins as key developments for 2026. However, concerns persist regarding interest-bearing stablecoins, with some policymakers viewing them as a potential source of financial system instability.