Qivalis Expands Coalition for Euro-Denominated Stablecoin
In a significant development for the European digital currency landscape, Qivalis announced the addition of 25 new banks to its coalition, bringing the total number of participating institutions to 37. The consortium, which is based in Amsterdam and was initiated earlier this year, is gearing up for a launch of a euro-denominated stablecoin set for the latter half of 2026. This move comes as European financial entities are increasingly seeking to establish regulated alternatives to prominent U.S. dollar-backed stablecoins.
Notable Additions and Regional Representation
The latest expansion of Qivalis includes notable banks from 15 countries, among them major players like ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo. Spain emerges as a significant contributor to this cohort, with ABANCA, Banco Sabadell, Bankinter, Cecabank, and Kutxabank joining the initiative, thereby enhancing the nation’s representation within the group. This comes as signs of growing demand for euro-based digital assets, particularly in southern Europe, are becoming more apparent.
Recent insights from Brighty have spotlighted Spain as a leading market for Circle’s EURC stablecoin, which adds to the momentum as the European Union rolls out its Markets in Crypto-Assets (MiCA) framework. Across the broader region, Qivalis has also welcomed two financial institutions each from France, Sweden, Greece, the Netherlands, Finland, and Ireland, with Italy adding two more banks to the consortium.
Commitment to European Standards
Howard Davies, who chairs the Qivalis supervisory board and previously held the position of chair at NatWest, emphasized that the consortium aims to establish a digital payment framework in alignment with European regulatory norms, rather than depending on externally issued alternatives. “Our objective goes beyond just creating payment infrastructure; we are committed to embedding European standards regarding data protection, financial stability, and regulatory rigor into the future of digital currency,” Davies stated.
Initially launched with 10 European banks including BNP Paribas, ING, and UniCredit, Qivalis seeks to counterbalance the established dominance of U.S. dollar-stablecoins, which, according to CoinGecko, make up approximately 98% of the global market in this category. The consortium is currently working under the auspices of Dutch regulatory approval as an Electronic Money Institution while prepping for its MiCA-compliant euro stablecoin launch.
Partnerships and Future Outlook
In March, Qivalis partnered with Fireblocks for essential services including tokenization technology and custodial infrastructure related to their compliance operations. Qivalis’ CEO, Jan Sell, reiterated the consortium’s commitment to ensuring that Europe’s financial digital infrastructure remains anchored to the euro and isn’t reliant on foreign dollar-denominated stablecoins. Sell asserted, “The euro should underpin Europe’s financial systems, developed by local institutions within our regulatory framework.”
The ambition for euro-based stablecoins received governmental endorsement just last month, when French Minister of Finance, Roland Lescure, recognized the necessity for the euro’s expansion in the digital payments space during a conference in Paris, urging banks to investigate tokenized deposit solutions to mitigate reliance on overseas digital systems. Though ECB President Christine Lagarde has previously articulated doubts about the efficacy of stablecoins for augmenting the euro’s global standing, the progress of Qivalis and similar initiatives indicates a potential shift in the European banking sector’s approach to digital currency.
