France's Finance Minister Calls for Expansion of Euro-Backed Stablecoins

Gate News message, April 17 — French Finance Minister Roland Lescure called for a significant expansion of euro-denominated stablecoins on April 17, urging European banks to explore tokenized deposits. Lescure voiced strong support for the Qivalis alliance, a consortium of 12 major European banks including BBVA, ING, UniCredit, and BNP Paribas, which plans to launch a euro-pegged stablecoin in the second half of 2026.

Lescure stated that the current scale of euro-backed stablecoins compared to dollar-backed alternatives is “unsatisfactory.” The alliance aims to counter U.S. dominance in digital payments through the introduction of the euro stablecoin.

This marks a notable policy shift for France. Previous Finance Minister Le Maire had stated that private stablecoins “have no place in Europe,” while Banque de France Governor Villeroy de Galhau repeatedly warned of risks associated with stablecoins, including monetary privatization concerns.