37 EU banks back new euro stablecoin

TLDR

European banks have formed the Qivalis consortium to launch a MiCA-compliant euro stablecoin backed by 37 institutions, targeting a 2026 onchain payments rollout.

1. Qivalis now unites 37 banks across 15 countries to issue a euro-pegged stablecoin backed 1:1 by euro reserves.
2. The coin aims for a second half 2026 launch under EU MiCA rules, positioning as a regulated alternative to dollar stablecoins.
3. Success hinges on regulatory approvals, real-world payment and tokenization use, and whether euro stablecoins can gain share in a dollar-dominated market.

Deep Dive

1. What Qivalis Is Building

Qivalis is a banking consortium created to issue a euro-denominated stablecoin, backed one-to-one by euro reserves held at participating banks and managed by regulated custodians. Reports say it has expanded to 37 major financial institutions from 15 European countries, adding banks such as ABN AMRO, Rabobank, Bank of Ireland and Nordea alongside founders like ING and BNP Paribas.

The group plans to launch the stablecoin in the second half of 2026, pending authorization from the Dutch central bank as an e-money institution and full alignment with the EUs Markets in Crypto-Assets (MiCA) framework. The token is designed for low-cost, instant, 24/7 cross-border payments and automated settlement of tokenized assets such as bonds and other securities, according to Qivalis statements quoted in Yahoo Finances coverage and Bitcoin.coms overview.

2. Why Banks Care About This

The main goal is to create native euro rails for blockchain finance rather than relying on US dollar stablecoins. Tether (USDT) and USDC together hold roughly $190 billion and $77 billion in circulation, while existing euro stablecoins such as Socit Gnrales EURCV remain relatively small, as highlighted in the Qivalis expansion analysis.

Banks see euro stablecoins as a way to keep European monetary sovereignty, plug into tokenized securities platforms, and offer faster, programmable payments that stay inside the regulatory perimeter of MiCA.

3. What To Watch Next

Several factors will determine impact for crypto users:

1. Regulatory sign-off, particularly Dutch central bank e-money authorization and any MiCA tweaks that might affect reserve rules or interest on stablecoins.
2. Actual integration into exchanges, DeFi protocols, and tokenization platforms versus staying confined to bank-to-bank use.
3. Competition from other regulated European stablecoins, such as SG-Forges EURCV and AllUnitys EURAU, in a market where non-dollar tokens still represent a tiny share of global stablecoin supply.

Conclusion

Qivalis shows that large European banks are moving from pilots to serious infrastructure around a euro stablecoin, aiming to challenge dollar dominance in onchain finance. Whether this becomes a widely used crypto rail will depend on regulatory progress, how deeply banks embed it in payments and tokenized markets, and whether users actually choose a regulated euro token over existing dollar stablecoins.