French Finance Minister Roland Lescure has called for an increase in euro-issued stablecoins and urged European Union banks to explore tokenized deposits. This marks a potential shift in the French government's and central bank's position on digital currencies.
Lescure expressed support for Qivalis, a consortium of 12 European banks including BBVA, ING, UniCredit, and BNP Paribas, which plans to launch a euro-pegged stablecoin in the latter half of 2026. This initiative aims to challenge U.S. dominance in digital payments. Lescure stated, "That is what we need and that is what we want. I also strongly encourage banks to further explore the launch of tokenized deposits." He deemed the current volume of euro-pegged stablecoins, compared to dollar-pegged ones, "not satisfactory."
This stance contrasts with previous government positions. Former Finance Minister Bruno Le Maire had adopted a stringent regulatory approach, opposing privately-issued fiat-pegged cryptocurrencies and citing threats to national sovereignty. In 2023, the European Commission indicated plans to limit the widespread use of stablecoins as alternatives to fiat currency.
Earlier statements from Bank of France Governor Francois Villeroy de Galhau also expressed concerns that stablecoins and tokenized private money could exacerbate the "privatization of money, and loss of monetary sovereignty."