Qivalis Brings Together 37 European Banks

A consortium of 37 European banks from 15 countries is preparing to issue a regulated euro-denominated stablecoin on the public Ethereum blockchain. The initiative is being developed through Qivalis, an Amsterdam-based venture formed to operate as a MiCA-compliant stablecoin issuer under supervision by the Dutch central bank.

The coalition began taking shape in late 2025, when nine founding banks announced their plans. The founding group included ING, BNP Paribas, UniCredit, CaixaBank, and Danske Bank.

BBVA joined the initiative in February 2026, taking the group to 12 participating banks. In May, 25 more lenders signed on, expanding the consortium to 37. The additional participants included ABN AMRO, Nordea, Intesa Sanpaolo, and National Bank of Greece.

Euro Stablecoin Planned for the Second Half of 2026

The planned Qivalis stablecoin will be pegged to the euro on a one-to-one basis. Qivalis is waiting for an electronic money institution license from the Dutch central bank and is targeting a launch in the second half of 2026.

The proposed token is intended for several uses:

  • On-chain payments
  • Trade finance
  • Corporate liquidity management
  • Settlement of tokenized securities

ING described the expanded consortium as a shared European effort intended to create common infrastructure. In a May statement, the bank said the initiative is designed to help clients move value instantly, automate processes, and operate across borders.

Why Qivalis Chose Public Ethereum

Qivalis plans to issue its euro stablecoin on public Ethereum rather than a private or permissioned blockchain. That choice separates the project from other bank-led tokenization efforts.

Ethereum already hosts most euro stablecoin activity. According to Token Terminal data reported by Cointurk, euro stablecoin supply on Ethereum rose from $463.4 million at the beginning of the year to $588.7 million as of September 7. At that point, Ethereum accounted for 69.4% of euro stablecoins across blockchain networks.

Euro Stablecoins Remain Small Next to Dollar-Pegged Tokens

The euro stablecoin market has grown, though it remains small compared with dollar-denominated stablecoins. Total euro stablecoin supply reached $848.1 million as of September 7, up 22.6% year to date.

Dollar-pegged stablecoins still represented 99.5% of the roughly $300 billion global stablecoin market. EURC and EURCV accounted for more than 82% of euro stablecoin supply. EURCV is issued by SG-Forge, a Société Générale subsidiary.

Qivalis’s backers view regulatory clarity under MiCA as an opening for a European bank-led euro stablecoin. The group’s planned issuance on public Ethereum places the project within the network that currently holds the largest share of euro stablecoin supply.