Euro Stablecoin Project Adds 25 New Banks
The consortium now includes 37 financial institutions as it builds a regulated euro-backed token for launch under the EU’s MiCA framework.
- On Wednesday, Qivalis announced 25 additional lenders joined its consortium, more than tripling membership to 37 financial institutions spanning 15 European countries, with new participants including ABN AMRO and Rabobank.
- European banks seek to reduce the dominance of U.S. dollar-backed tokens, which currently account for about 99% of the global stablecoin market, by strengthening the European currency's role in digital payments.
- Global Ratings projects the euro stablecoin market could grow from roughly $895 million to 1.1 trillion euros by 2030, while Qivalis seeks an EMI license from the Dutch central bank.
- Howard Davies, chairman of Qivalis' supervisory board, stated, "This infrastructure is essential if Europe is to compete in the global digital economy whilst preserving its strategic autonomy."
- Operating under the European Markets in Crypto-Assets framework, the consortium plans to debut its regulated stablecoin in the second half of 2026.
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37 European Banks Now Back a Euro Stablecoin to Rival the Dollar
Global · Fintech & Payments Key Facts —The consortium just grew sharply. Twenty-five new banks, including Spain’s Sabadell and Bankinter, joined Qivalis, lifting it to 37 financial institutions across 15 European countries. —A regulated euro stablecoin. The Amsterdam-based venture plans a MiCA-compliant token pegged 1:1 to the euro, with a launch targeted for the second […] The post 37 European Banks Now Back a Euro Stablecoin to Rival the Dolla…
Following ING, Dutch banks ABN Amro and Rabobank are also joining a European consortium of banks that want to launch their own stablecoin. The banks' change of course is striking, given that they previously feared the impact of stablecoins on their sector. "For banks, crypto was a bit of the Wild West in recent years," explains Daniël Mol, host of the BNR podcast Cryptocast.
Rabobank, ABN Amro, and 23 other European banks are joining a project to develop a euro-pegged stablecoin. ING had already joined earlier,…
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