What is Qivalis and why is it building a euro stablecoin?

Qivalis is a banking consortium developing a regulated euro-backed stablecoin under Europe’s MiCA crypto framework. The group wants to create a European alternative to US dollar-dominated stablecoins, which currently control about 98% of the market. The project is targeting a launch in the second half of 2026.

Which major banks joined the Qivalis consortium?

The latest expansion added 25 banks across 15 countries, bringing total membership to 37 institutions. New members include ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo. The additions strengthen the consortium’s credibility and regional reach.

Why are European banks pushing euro stablecoins now?

European banks are trying to reduce reliance on US dollar-backed stablecoins like USDT and USDC. Many policymakers and institutions worry that dollar dominance in digital payments could weaken Europe’s financial influence over time. A euro stablecoin backed by regulated European banks could help expand euro usage in digital finance.

What role does MiCA regulation play in the Qivalis project?

Qivalis plans to operate under the European Union’s Markets in Crypto-Assets (MiCA) framework, which sets rules for stablecoins and crypto firms across Europe. MiCA is designed to improve transparency, reserve management and consumer protection. Regulatory clarity could make euro stablecoins more attractive to institutions and traditional banks.

Why is Spain important in the Qivalis expansion?

Spain added the largest number of new consortium members, including Banco Sabadell and Bankinter. The country has also shown strong retail adoption of euro stablecoins such as Circle’s EURC. That suggests Spain may become an important early market for euro-denominated digital payments.

What did Howard Davies say about the euro stablecoin project?

Howard Davies said the consortium is focused on embedding European standards into digital money infrastructure. He highlighted data protection, financial stability and regulatory oversight as key priorities. The comments reflect Europe’s broader push for financial sovereignty in crypto markets.

Why is Christine Lagarde sceptical about private stablecoins?

Christine Lagarde recently argued that private stablecoins are not the best way to strengthen the euro internationally. The ECB has generally promoted central bank digital currencies instead of privately issued stablecoins. Despite that, commercial banks continue backing stablecoin projects like Qivalis.

What technology is Qivalis using for its stablecoin infrastructure?

Qivalis selected Fireblocks to provide custody, tokenisation and compliance infrastructure. Fireblocks is widely used by crypto institutions for secure asset storage and blockchain transfers. The partnership suggests Qivalis is preparing for institutional-scale operations.

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Qivalis adds 25 banks for euro stablecoin push

Written by Liezl GambePublished May. 21 2026Last Updated May. 21 2026

Qivalis expanded to 37 member banks on Wednesday after adding 25 new institutions across 15 countries ahead of its planned euro stablecoin launch in the second half of 2026.

The new members include ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo as the consortium accelerates efforts to build a regulated European alternative to US dollar-backed stablecoins.

“We are not merely building payment rails; we are ensuring that European principles around data protection, financial stability and regulatory rigour are embedded into the next generation of digital money,”

Said Howard Davies.

The expansion comes as dollar-backed stablecoins continue dominating roughly 98% of the global market, according to CoinGecko, increasing pressure on European financial institutions to strengthen euro-denominated digital payment infrastructure.

Spain contributed the largest number of new members with five banks joining the consortium, including Banco Sabadell and Bankinter, while France, Sweden, Greece, Finland, Ireland and the Netherlands each added two institutions.

Following the announcement there was no immediate trading impact because Qivalis is a private banking consortium and does not have publicly traded shares.

The initiative also highlights growing divergence inside Europe over stablecoin strategy after Christine Lagarde recently argued that private stablecoins are not the best path to strengthening the euro’s international role despite continued momentum from banking-led projects.

Qivalis previously selected Fireblocks to provide custody, tokenisation and compliance infrastructure as the consortium prepares to engage crypto exchanges ahead of the planned launch.