France urges euro stablecoins to challenge dollar-backed tokens

France's finance minister urges euro stablecoin development, backing a 2026 launch by 12 major banks to reduce reliance on dollar-backed tokens and boost Europe's digital payments.

French Finance Minister Roland Lescure has called for a rapid expansion of euro-based stablecoins across Europe, expressing concern over the current dominance of dollar-backed tokens in the digital asset market. Lescure urged European banks to accelerate the development of euro-pegged stablecoins and to actively explore tokenized deposits. He emphasized the need to reduce reliance on foreign digital currencies and to strengthen the region's competitiveness in digital payments. Lescure voiced strong support for Qivalis, a consortium of 12 major European banks—including ING, UniCredit, BBVA, and BNP Paribas—planning to launch a MiCA-compliant euro stablecoin in the second half of 2026. His remarks mark a shift from France's previous opposition to privately issued digital currencies, highlighting the importance of bank-led digital euro initiatives and regulatory clarity. The widespread adoption of euro-backed stablecoins is seen as crucial for Europe's digital transformation and for countering U.S. dominance in global financial infrastructure.