- The Qivalis consortium developing a regulated euro stablecoin has expanded to 37 member banks across 15 European countries.
- Spain led the wave of new members, adding five banks, as the project targets a second-half 2026 launch.
- This banking-led push for a euro stablecoin under the MiCA framework continues despite ECB President Lagarde’s skepticism about stablecoins strengthening the euro’s international role.
On Wednesday, the Amsterdam-based banking consortium Qivalis expanded to 37 members by adding 25 new banks across 15 European countries, accelerating its plan to build a regulated euro stablecoin. New members include major institutions like ABN AMRO, Rabobank, and Intesa Sanpaolo, with a launch targeted for the second half of 2026.
Howard Davies, chairman of Qivalis‘ supervisory board, stated “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.” This move forms part of a European race to establish alternatives to US dollar-dominated stablecoins, which currently account for 98% of the market.
Spain emerged as the most represented country among the new members, adding five banks including ABANCA and Banco Sabadell. Consequently, this strong presence aligns with broader signs of early retail adoption of euro stablecoins within the country.
Two new Italian banks also joined, while France, Sweden, Greece, the Netherlands, Finland, and Ireland each added two new members. This diversified expansion strengthens the consortium’s goal of creating unified infrastructure under the EU’s MiCA framework.
However, the consortium’s plans contrast with the stance of European Central Bank (ECB) President Christine Lagarde. She said in early May that stablecoins are not Europe‘s best route to strengthening the euro’s international role.
Despite that official stance, banking-led initiatives like Qivalis continue to gain momentum. The consortium selected custody provider Fireblocks for tokenization technology and compliance tools in March.
Meanwhile, Qivalis has been engaging with crypto exchanges ahead of its planned launch. CEO Jan Sell emphasized, “The euro is Europe’s currency, and on-chain financial infrastructure should carry it – built by European institutions and governed by European rules.”
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