France’s finance minister backs bank‑issued euro stablecoins and Qivalis’ 2026 launch, pivoting policy to keep Europe’s digital rails denominated in euros, not dollars.
Summary
- France’s finance minister Roland Lescure says Europe needs more euro-based stablecoins and urges banks to explore tokenized deposits.
- Qivalis, a 12‑bank alliance including ING, UniCredit, BBVA and BNP Paribas, is targeting a MiCA‑compliant euro stablecoin launch in H2 2026.
- The push marks a shift from France’s earlier hard‑line stance on private stablecoins and aims to curb “digital dollarization” in European payments and DeFi.
France’s finance minister Roland Lescure has publicly called for more euro‑denominated stablecoins and urged European banks to move ahead with tokenized deposits, signaling a sharp policy pivot in Paris toward bank‑issued digital euros. Speaking at a crypto conference in Paris on April 17, Lescure said the current volume of euro‑pegged stablecoins versus dollar tokens is “not satisfactory” and warned that Europe cannot leave its digital payment rails to foreign currencies. His remarks come as the Qivalis alliance of 12 major European banks, including ING, UniCredit, BBVA and BNP Paribas, prepares a MiCA‑compliant euro stablecoin for launch in the second half of 2026.finance.
Lescure told attendees that “Europe need[s] more euro‑based stablecoins” and said he “strongly encourage[s] banks to further explore the launch of tokenised deposits,” framing the projects as tools to strengthen European digital sovereignty and reduce reliance on dollar‑pegged tokens. He explicitly endorsed the Qivalis initiative, saying “that is what we need and that is what we want,” in what is effectively a political green light for the consortium’s plans to issue a euro‑pegged stablecoin under the EU’s Markets in Crypto‑Assets, or MiCA, framework.
Qivalis, based in Amsterdam, is working toward regulatory approval from the Dutch central bank and aims to operate as an electronic money institution, with CEO Jan‑Oliver Sell calling a native euro stablecoin “a major turning point for digital commerce and financial innovation in Europe.” The group’s stated goal is to become the “interface between blockchain and the euro” and the default euro token across exchanges, custodians and DeFi platforms, a direct attempt to head off “digital dollarization” from dollar‑linked tokens like USDT and USDC.
Lescure’s comments also land against a tougher French line on non‑euro stablecoins, with the Bank of France recently calling for stricter limits on foreign stablecoin payments under MiCA to mitigate systemic risk. European regulators have warned that widespread use of non‑EU stablecoins inside the bloc could undermine monetary policy, pushing authorities to explore ways of tightening rules on large dollar‑based tokens even as they open the door to euro projects.
The broader European shift is already visible across the banking sector, with euro stablecoin projects moving from “education and risk‑understanding” into concrete launch preparations as MiCA’s unified regime reduces regulatory uncertainty. For France, backing Qivalis and euro stablecoins is an attempt to ensure that when on‑chain settlement volumes rival traditional card networks, it is the euro—rather than the dollar—that anchors European rails, in both payments and tokenized assets.
Related crypto.news coverage includes a recent story on how stablecoins are tipped to power global settlement, an explainer on what infrastructure companies use to add stablecoin payments, and a regional look at how firms like Stables and Mansa are stitching together Asia’s missing stablecoin rails.
