France’s finance minister, Roland Lescure, has endorsed an initiative by several European banks to launch a euro-pegged stablecoin in 2026 to counter the dominance of US dollar–pegged tokens. Lescure backed the Qivalis plan, unveiled in September 2025 by a group of EU banks including ING and UniCredit, saying a MiCA-compliant euro stablecoin is “what we need” and urging banks to explore tokenized deposits.
The project aims to comply with the EU’s Markets in Crypto Assets (MiCA) framework and is targeted for release in the second half of 2026. Lescure made his remarks in a pre-recorded message reported by Reuters, noting the current low volume of euro-pegged stablecoins relative to dollar-pegged alternatives is “not satisfactory.”
US dollar stablecoins, led by Tether’s USDT and Circle’s USDC, currently dominate the market; USDT’s market capitalization was roughly $186 billion as of Friday, according to CoinMarketCap. EU banks’ collaboration is intended to provide a euro-based alternative under EU rules.
Banque de France Governor François Villeroy de Galhau, speaking at the World Economic Forum in January, said tokenization and stablecoins would likely be central to financial infrastructure in 2026, highlighting blockchain’s potential benefits. However, he and other central bankers and policymakers have warned against interest-bearing stablecoins, arguing such products could pose financial stability risks — a contentious point in regulatory discussions.
In the United States, debate over stablecoin yield is also unresolved. The CLARITY Act, a crypto market-structure bill passed by the House in July, remains stalled in the Senate amid disagreements over how to handle stablecoin yield, tokenized equities, ethics, and other issues. Lawmakers have not yet announced a compromise to move the bill closer to a vote.
The push for a MiCA-aligned euro stablecoin reflects broader European efforts to bolster digital finance infrastructure while keeping oversight within EU regulatory frameworks. Cointelegraph notes the reporting follows its editorial policy and encourages independent verification of the facts.
