France backs banks’ plan for MiCA-compliant euro stablecoin

France’s finance minister Roland Lescure backed a plan by several European banks to issue a MiCA‑compliant, euro‑pegged stablecoin named Qivalis in the second half of 2026. The banks aim to offer a regulated euro alternative to existing dollar‑pegged tokens.

The Qivalis initiative was announced by a group of EU lenders that includes ING and UniCredit. Project leaders say the token will meet the EU’s Markets in Crypto‑Assets rules on licensing, reserve transparency and operational safeguards.

In a prerecorded message Lescure urged banks to pursue tokenized deposit projects and added, “That is what we need, and that is what we want.” He described the current small volume of euro‑pegged stablecoins compared with dollar‑pegged ones as unsatisfactory.

Dollar‑pegged tokens such as Tether’s USDT and Circle’s USDC represent the largest shares of the stablecoin market. One major dollar‑pegged token had an estimated market value near $186 billion last week, illustrating the scale gap European issuers aim to reduce.

Banque de France Governor François Villeroy de Galhau told the World Economic Forum in January that tokenization and stablecoins were likely to be “the name of the game” in 2026. He cautioned against interest‑bearing stablecoins, arguing they could destabilize financial systems.

In the United States, federal policy on stablecoins remains unsettled. The CLARITY Act passed the House in July but has not advanced in the Senate amid disagreement over stablecoin yields, tokenized equities and ethics.

Participants in Qivalis have emphasized compliance with MiCA requirements, clear reserve practices and custody arrangements. Regulators and central bankers have highlighted concerns about stablecoin yield and reserve transparency, topics that could shape how euro‑pegged tokens operate once projects move from pilot to production.