Qivalis Adds 25 Banks as Europe Pushes Euro Stablecoin Infrastructure

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Key Takeaways

European Banks Expand Qivalis to 37 Members Across 15 Countries

A growing coalition of European banks is accelerating efforts to launch a euro-backed stablecoin, as financial institutions across the region seek to establish a stronger foothold in the evolving digital payments market.

The Qivalis consortium reported that 25 additional banks have joined the initiative, bringing total membership to 37 financial institutions spanning 15 countries. New participants include major lenders such as ABN Amro, Rabobank, Sabadell, Bankinter, Bank of Ireland, Handelsbanken, and Nordea.

The Amsterdam-based project, established last year, already counted ING, BNP Paribas, and BBVA among its members. The consortium plans to launch a euro-pegged digital currency later this year.

The initiative is a strategic response to the growing dominance of U.S.-based payment infrastructure and dollar-backed stablecoins in global digital finance.

“The euro is Europe’s currency, and on-chain financial infrastructure should carry it,” Qivalis Chief Executive Officer Jan-Oliver Sell said in a statement. “It should be built by European institutions and governed by European rules.”

The effort reflects broader concerns among European policymakers and banks that much of the emerging blockchain economy is being shaped outside the region. Stablecoins tied to the U.S. dollar, particularly those issued by Tether and Circle, now dominate the market with roughly $190 billion and $77 billion in circulation, respectively.

European banks increasingly view blockchain-based payments and tokenized assets as an area they cannot afford to ignore. The industry is moving toward a financial model where assets such as bonds, deposits, and real estate may eventually trade directly on blockchain networks.

Euro Stablecoin Demand Remains Limited

Qivalis aims to position European institutions at the center of that transition rather than relying on infrastructure controlled by foreign firms or crypto-native companies.

Still, demand for euro-pegged stablecoins remains relatively limited compared with dollar-denominated alternatives.

One of the few existing examples, Société Générale’s EURCV stablecoin, launched in 2023, has reached only around $122 million (€105.6 million) in circulation. By comparison, dollar-backed stablecoins have become deeply integrated into global crypto trading, decentralized finance, and cross-border payments.

At the same time, European regulators have taken a more cautious approach toward stablecoins than U.S. authorities, emphasizing compliance, reserve oversight, and monetary sovereignty.

Whether euro-backed stablecoins can achieve meaningful scale remains uncertain. But the rapid expansion of the consortium suggests Europe’s banking sector is no longer willing to remain a passive observer in the global race to build digital financial infrastructure.