French Finance Minister Roland Lescure has called for a significant increase in euro-based stablecoins and tokenized deposits, emphasizing the need for Europe to diminish its reliance on non-European payment providers. Speaking at a cryptocurrency conference in Paris on Friday, April 17, Lescure expressed dissatisfaction with the current small volume of euro-pegged stablecoins compared to their dollar-pegged counterparts, according to a Reuters report.
Ministerial Mandate for Euro Stablecoins
In his pre-recorded remarks, Lescure strongly encouraged European banks to actively pursue the development of euro-based stablecoins and explore the launch of tokenized deposits. This strategic push is aimed at bolstering Europe’s financial autonomy in the digital payments landscape. The minister highlighted the existing disparity, stating that the current volume of euro-pepegged stablecoins is “not satisfactory,” underscoring the urgency of the initiative.
Qivalis Initiative: A Concrete Step
A significant development in this direction is the formation of Qivalis, a company established by ten of Europe’s largest banks in December 2025. Qivalis is poised to launch a euro-pegged stablecoin in the second half of 2026. Lescure voiced strong support for this venture, stating, “what we need and that is what we want.” Jan-Oliver Sell, CEO of Qivalis, articulated the broader vision at the time of the company’s announcement, asserting, “A native euro stablecoin isn’t just about convenience; it’s about monetary autonomy in the digital age.” This initiative represents a tangible effort by the European banking sector to address the minister’s concerns and contribute to a more self-sufficient digital financial ecosystem.
Broader European Digital Currency Ambitions
Beyond stablecoins, Lescure also affirmed his support for the European Central Bank’s (ECB) ongoing plan to develop a digital euro. This aligns with the ECB’s broader strategy to preserve the role of central bank money as the digital economy expands and to lessen reliance on non-European payment providers. ECB Executive Board Member Piero Cipollone stated in January that Europe must enhance its self-sufficiency in payments as transactions increasingly shift to digital channels. He indicated that the planned digital euro, coupled with wholesale payment initiatives, would equip the euro zone with the necessary tools “to keep its house in order.”
Challenges and Delays for the Digital Euro
While the European Parliament provided its first major endorsement of the digital euro in February, marking a crucial step towards legislative approval for its targeted 2029 debut, the project has not been without hurdles. The digital euro initiative has faced pushback from various banking groups, notably in Germany. This resistance has contributed to a slowdown in progress, with draft legislation now on hold for two years, a duration significantly longer than the ECB had initially anticipated. Despite these delays, the strategic imperative for a robust, euro-centric digital payment infrastructure remains a key focus for European financial authorities.
The combined push for euro-based stablecoins and the development of a digital euro underscores a concerted effort by France and the wider European Union to assert greater control over its digital financial future. These initiatives are critical steps towards fostering monetary autonomy and reducing external dependencies in an increasingly digitized global economy.
