French Minister Pushes Expansion of Euro Stablecoins

TLDR

• France’s finance minister called for more euro stablecoins across the European Union.
• Roland Lescure urged banks to expand tokenized deposits within the EU framework.
• He backed Qivalis, a group of 12 European banks planning a euro-pegged stablecoin in 2026.
• Lescure said the current volume of euro-pegged stablecoins is not satisfactory.
• His remarks signal a shift from France’s earlier opposition to privately issued digital currencies.

France’s finance minister urged European banks to expand euro stablecoins and tokenized deposits across the European Union. He expressed support for a bank-led euro-pegged stablecoin planned for 2026. His remarks suggest a shift from France’s earlier resistance to privately issued digital money.

Minister Urges Banks to Advance Euro Stablecoins and Tokenized Deposits

Roland Lescure called for stronger European participation in digital payments through euro stablecoins. He said banks across the EU must move faster on tokenized deposits. He stated that Europe must reduce reliance on dollar-pegged stablecoins.

He expressed support for Qivalis, a consortium of 12 European banks. The group includes BBVA, ING, UniCredit, and BNP Paribas. They plan to launch a euro-pegged stablecoin in the second half of 2026. The banks aim to counter U.S. dominance in digital payments.

Lescure said, “That is what we need and that is what we want.” He also said he strongly encourages banks to explore tokenized deposits. He added that the low volume of euro-pegged stablecoins is “not satisfactory.”

He stressed that European institutions must act within the EU framework. He linked digital currency development to financial sovereignty. He did not announce new legislation or timelines.

Reuters reported his comments on Friday. The statements follow ongoing debate within France and the EU over digital assets. The government has not released further policy documents.

France Revisits Stance as Officials Warn on Monetary Sovereignty

France previously took a strict position on privately issued fiat-pegged cryptocurrencies. Former Finance Minister Bruno Le Maire said they had “no place on European soil.” He argued they threatened the sovereignty of nations.

In 2023, reports linked Le Maire to a European Commission document. The document outlined plans to limit stablecoins from replacing fiat currency. French officials then backed tighter regulatory controls.

More recently, Bank of France Governor Francois Villeroy de Galhau addressed the issue publicly. During a live exchange with Coinbase CEO Brian Armstrong, he raised concerns about private digital money. He warned that stablecoins could speed up political risks.

Villeroy said, “The first threat is privatization of money, and loss of monetary sovereignty.” He grouped stablecoins with tokenized private money. He did not mention Lescure’s recent remarks.

Lescure’s comments indicate a different tone from previous statements. However, authorities have not confirmed formal policy changes. Qivalis still plans its euro-pegged stablecoin launch for late 2026.

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