European banks are racing to launch a euro-denominated stablecoin to counter the growing dominance of US dollar tokens in blockchain-based finance.
Qivalis, backed by 12 major EU banks, is targeting a launch in the second half of the year as it seeks to become the default euro token on public blockchains.
“If we don’t have a euro onchain with depth of liquidity, then the only alternative is the U.S. dollar,”
Said Qivalis CEO, Jan-Oliver Sell.
The push comes as stablecoins become central to global finance, with market capitalisation already around $314 billion and projected to grow significantly in the coming years.
Despite the euro accounting for roughly 20% to 25% of global financial activity, it represents only about 0.2% of blockchain transactions.
Qivalis aims to solve fragmentation by uniting multiple banks to build liquidity and distribution, positioning itself as infrastructure linking blockchain systems with the euro.
The project is designed to complement, not compete with, the European Central Bank’s planned digital euro, as Europe seeks to maintain financial sovereignty in an increasingly onchain economy.