France Signals Policy Shift Toward Euro Stablecoins as Digital Currency Race Heats Up

French Government Supports Euro-Pegged Stablecoin Expansion

Roland Lescure has called for stronger adoption of euro denominated stablecoins and urged European Union banks to explore tokenized deposits, marking a notable shift in France’s stance on digital assets. His remarks signal growing support within the French government and may indicate a softer regulatory approach from policymakers who previously expressed skepticism toward privately issued digital currencies.

Lescure backed the banking consortium Qivalis, which includes major institutions such as BBVA, ING, UniCredit and BNP Paribas. The group is preparing to launch a euro-pegged stablecoin in the second half of 2026, aiming to strengthen Europe’s position in global digital payments and reduce reliance on U.S. dollar–dominated stablecoins.

He stated that the current dominance of dollar pegged stablecoins over euro-based alternatives is “not satisfactory” and emphasized the need for European banks to accelerate innovation in tokenized financial products.

Shift Contrasts With Earlier European Skepticism

The new position contrasts with earlier views expressed by former French Finance Minister Bruno Le Maire, who previously argued that privately issued stablecoins posed risks to monetary sovereignty and should be restricted within Europe.

Similarly, Bank of France Governor François Villeroy de Galhau has warned that stablecoins and tokenized private money could lead to the “privatization of money” and weaken control over monetary systems. Despite these concerns, recent statements suggest a shift toward embracing regulated euro-based digital alternatives rather than opposing them outright.

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