French Finance Minister Éric Lescure has thrown his weight behind a banking alliance named Qivalis, bringing together 12 major European banks including BBVA, ING, UniCredit, and BNP Paribas. The consortium aims to launch a euro-pegged stablecoin in the second half of 2026, marking a notable shift in France's official stance toward digital currencies.
Banking Giants Unite to Challenge Dollar Dominance
Qivalis' goal is straightforward: create a stablecoin tightly linked to the euro to help Europe gain a stronger foothold in digital payments. Lescure openly stated that euro-denominated stablecoins are far fewer than dollar-based ones—a shortfall he described as a weakness. He called on banks to accelerate development of tokenized deposit products, which digitize traditional bank deposits for faster, more transparent transactions.
Lescure said the direction is “exactly what we need and what we aim to achieve,” urging banks to expand their tokenized deposit offerings.
France’s Policy Pivot: From Skepticism to Encouragement
For years, both the French government and the central bank approached stablecoins with caution. Former Finance Minister Bruno Le Maire once argued that privatized fiat-pegged crypto “has no place on European soil” and posed a threat to national sovereignty. In 2023, the European Commission drafted policies to curb stablecoin adoption. Lescure’s recent comments, however, signal a possible U-turn in Paris.
Not everyone is convinced. Banque de France Governor François Villeroy de Galhau last month warned that stablecoins and tokenized private money could lead to “the privatization of money and the loss of control over monetary policy.” The tension between innovation and regulatory control remains unresolved.
Lescure’s push may open the door for more competitive digital payment solutions, accelerating the digital transformation of Europe’s financial sector.