37 European banks join Qivalis to build euro stablecoin

Qivalis said 25 additional banks have joined its consortium, bringing membership to 37 financial institutions across 15 European countries to jointly develop a euro‑pegged stablecoin and on‑chain payments infrastructure with a planned launch in 2026. The Amsterdam-based project was formed last year to create European-controlled digital payment rails.

New participants named by the consortium include ABN AMRO, Rabobank, Sabadell, Bankinter, Bank of Ireland, Handelsbanken and Nordea. Earlier members include ING, BNP Paribas and BBVA. Qivalis described the expansion as a coordinated effort by banks across multiple jurisdictions to build payment and settlement tools that run on blockchain networks and use a euro-linked digital currency.

Jan-Oliver Sell, Qivalis chief executive, stated, “The euro is Europe’s currency, and on-chain financial infrastructure should carry it. It should be built by European institutions and governed by European rules.” The consortium said the stablecoin is intended for tokenized payments and to support on-chain trading of assets such as bonds, deposits and real estate.

Banks in the group have identified regulatory compliance and reserve oversight as design priorities. Technical and governance frameworks remain under development and the consortium did not disclose a detailed timetable for pilot programs or which banks will provide rails, custody or issuer functions.

Earlier this month, ECB President Christine Lagarde rejected promoting euro stablecoins, citing risks to financial stability and monetary-policy transmission

Market data show dollar-pegged stablecoins dominate crypto markets, with Tether and Circle holding roughly $190 billion and $77 billion in circulation, respectively. Existing euro-linked examples have been small by comparison: Société Générale’s EURCV, launched in 2023, stands at about €105.6 million ($122 million) in circulation. European regulators have focused on reserve transparency and monetary sovereignty when reviewing stablecoin proposals.

The expanded membership increases the number of banks involved in developing a regulated euro digital currency and on-chain payments network. Qivalis said members will continue to build the technical, legal and oversight structures needed for a bank-backed euro stablecoin and related payment rails.