France Advocates for Euro-Pegged Stablecoins and Tokenized Deposits
- French Finance Minister Roland Lescure called for more euro-issued stablecoins and urged EU banks to explore tokenized deposits.
- Lescure supports Qivalis, a consortium of 12 European banks, planning to launch a euro-pegged stablecoin in the second half of 2026.
- The current volume of euro-pegged stablecoins is deemed “not satisfactory” compared to their dollar-pegged counterparts.
- Former Finance Minister Bruno Le Maire previously opposed privately-issued fiat-pegged cryptocurrencies, citing threats to national sovereignty.
- Bank of France Governor Francois Villeroy de Galhau warned that stablecoins could pose a political threat by privatizing money.
The push for more euro-based stablecoins reflects a significant policy shift within the French government aimed at enhancing digital payment competitiveness against the U.S. This initiative includes plans for a new stablecoin by Qivalis, which comprises major banks like BBVA and BNP Paribas.
Lescure’s advocacy highlights the need for greater adoption of euro-pegged stablecoins, as their limited presence compared to dollar equivalents raises concerns about monetary sovereignty and market dynamics.(Source)
