The French government, the central executive authority overseeing digital asset regulation within the nation, has fundamentally altered its policy regarding privately issued stablecoins.
State officials and regulatory bodies had previously maintained an adversarial position against non-state-backed stablecoins. This prior approach was characterized by active opposition to the issuance and integration of these assets within the regional financial system.
As of mid-April 2026, the administration has pivoted toward supporting privately issued digital assets. French Finance Minister Roland Lescure publicly encouraged European Union banks to explore tokenized deposits and expand the issuance of euro-denominated stablecoins.
Lescure specifically noted the market disparity between U.S. dollar-backed assets and euro alternatives. The minister described the current market share of euro stablecoins as “not satisfactory.”
“Promoting relevant developments is exactly what we need,” Lescure stated.
The policy shift aligns with Lescure’s endorsement of the Qivalis alliance. The consortium consists of 12 major European financial institutions, including BNP Paribas, BBVA, ING, and UniCredit. The group intends to launch a euro-pegged stablecoin in the second half of 2026 to counter dollar dominance in the digital payment sector.
This directive marks a stark departure from recent institutional guidelines. Former Finance Minister Bruno Le Maire previously argued that private stablecoins threatened national monetary sovereignty.
Similarly, François Villeroy de Galhau, Governor of the Bank of France, cautioned that the expansion of non-state tokenized currencies carried risks of “monetary privatization.” The current administration’s stance indicates a structural shift toward integrating these assets within the existing European regulatory framework.
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