European Banks Back Qivalis Consortium for Euro Stablecoin Launch

Highlights:

• The euro stablecoin project now has support from 37 banks across 15 European countries.
• Qivalis plans a MiCA-compliant launch in the second half of 2026.
• Banks want faster cross-border settlement and less reliance on dollar-backed tokens.

Qivalis, a European banking consortium, has gained new support from 25 European lenders as banks move deeper into regulated digital money. According to the Financial Times report on Wednesday, the consortium now counts 37 banks across 15 countries, making it Europe’s largest bank-backed stablecoin project by membership. New joiners include ABN AMRO, Rabobank, Intesa Sanpaolo, Nordea, Erste Group, and National Bank of Greece.

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The consortium aims to launch a euro stablecoin in the second half of 2026. It wants to give banks a common digital settlement tool under European rules. Moreover, the project comes as policymakers question the market’s heavy reliance on dollar-backed tokens.

The original group included BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, SEB, and KBC. It also included DekaBank, Banca Sella, and Raiffeisen Bank International. Since then, support has widened across western, northern, and southern Europe. Spain added several banks, including Banco Sabadell, Bankinter, Cecabank, Kutxabank, and ABANCA.

We are not just building a euro stablecoin; we are laying the European financial rails of the future.

25 new banks have joined Qivalis today – bringing our consortium to 37 major institutions united behind one mission: a native, regulated euro in the on-chain financial system,… pic.twitter.com/J3DTm2uc0y

— qivalis (@qivaliseu) May 20, 2026

Euro Stablecoin Aims to Enhance Payments and Settlement

Stablecoins usually track the value of national currencies and help move funds across blockchain networks. Banks now see them as useful tools for settlement, collateral movement, and cross-border payments. However, Qivalis executives say the project does not aim to replace domestic European payments.

Chief executive Jan-Oliver Sell said cross-border transfers and instant settlement offer clearer use cases. The company also wants to serve institutions that need faster blockchain-based movement of money and assets. Moreover, its bank network could give the token access to existing corporate clients.

The move reflects growing concern over dollar dominance in crypto. Dollar-backed tokens still control nearly all stablecoin circulation, with Tether and Circle leading the market. Moreover, the total stablecoin value has surpassed $300 billion, according to data from Defillama.

Meanwhile, European policymakers have raised concerns about this imbalance. European Central Bank President Christine Lagarde recently said the rising use of dollar stablecoins in Europe could deepen dollar dependency.

MiCA License Plan Sets the Launch Path

Qivalis plans to operate within the European Union’s Markets in Crypto-Assets framework. The company has applied for an electronic money institution license from the Dutch central bank. Therefore, the consortium expects regulatory approval before launching its euro stablecoin product.

AIB said the group gives banks a practical way to test regulated payment technology with other European lenders. Its retail banking head, Geraldine Casey, said Europe needs trusted innovation in payments and settlement. The bank sees the project as a space for collaboration with other lenders.

Qivalis also selected Fireblocks in March to support tokenization, custody, and wallet infrastructure. The technology partnership gives the venture compliance tools for a regulated launch. Meanwhile, the group continues discussions with non-European banks in remittance-heavy markets.

Euro stablecoins: $650M. Dollar stablecoins: $304B.

12 of Europe's largest banks just picked @Fireblocks to close that gap.

Qivalis. MiCAR-compliant. H2 2026. https://t.co/ASO7FQXNiN pic.twitter.com/NEpIJO4Xws

— Fireblocks (@FireblocksHQ) April 21, 2026

Existing euro tokens remain small compared with dollar rivals. Circle’s EURC token has a market cap of about $450 million, while its USDC token has a market cap of nearly $77 billion. Société Générale’s Forge and Eurite also remain far smaller. Meanwhile, S&P Global Ratings projects that euro token demand could rise sharply by 2030 as tokenized finance spreads through institutions.

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