France's Finance Minister Roland Lescure has called for more euro-based stablecoins and urged European banks to explore tokenized deposits, marking a sharp policy pivot from France's earlier hard-line stance on private stablecoins. 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 represent a significant shift in France's approach to digital asset regulation, framing these projects as tools to strengthen European digital sovereignty and reduce reliance on dollar-pegged tokens.
The Finance Minister has explicitly endorsed the Qivalis initiative, stating "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. Based in Amsterdam, the Qivalis alliance of 12 major European banks, including ING, UniCredit, BBVA and BNP Paribas, is working toward regulatory approval from the Dutch central bank and aims to operate as an electronic money institution. CEO Jan-Oliver Sell calls a native euro stablecoin "a major turning point for digital commerce and financial innovation in Europe," with the group's stated goal to become the "interface between blockchain and the euro" and the default euro token across exchanges, custodians and DeFi platforms.
The Qivalis alliance is targeting a MiCA-compliant euro stablecoin launch in the second half of 2026, representing concrete progress in Europe's digital asset development. This timeline comes as 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 represents 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. The initiative directly addresses concerns about "digital dollarization" from dollar-linked tokens like USDT and USDC, with the group positioning itself to become the default euro token across exchanges, custodians and DeFi platforms. This strategic positioning aligns with the European Union's ongoing exploration of digital currency initiatives, indicating that France's stance may be part of a coordinated European approach to digital asset development while maintaining European monetary policy independence.
