Qivalis has expanded its European banking alliance to 37 institutions after onboarding 25 additional banks ahead of its planned euro stablecoin launch in the second half of 2026.
Summary
- Qivalis expanded to 37 member institutions after adding 25 banks across 15 European countries.
- ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo joined the consortium ahead of its planned 2026 euro stablecoin launch.
- European banks continue advancing MiCA-compliant euro stablecoin projects even as ECB President Christine Lagarde remains cautious about private stablecoins.
According to a May 20 announcement, the Amsterdam-based consortium added new members from 15 countries, including major lenders such as ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo, as European financial institutions continue building regulated alternatives to U.S. dollar-backed stablecoins.
Spain accounted for the largest share of new additions. ABANCA, Banco Sabadell, Bankinter, Cecabank, and Kutxabank joined the consortium, extending the country’s presence in the group as euro-denominated stablecoin activity continues to pick up across parts of southern Europe.
Recent data from Brighty had already identified Spain as one of the strongest retail markets for Circle’s EURC stablecoin, adding to signs that demand for euro-based digital assets is starting to develop alongside the European Union’s MiCA framework.
Elsewhere across the region, Qivalis added two banks each from France, Sweden, Greece, the Netherlands, Finland, and Ireland, while Italy contributed another two institutions to the initiative.
Howard Davies, chairman of Qivalis’ supervisory board and former NatWest chair, said the consortium is building digital payment infrastructure around European regulatory standards rather than relying on foreign-issued alternatives.
“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,” Davies said.
European banks push stablecoin plans under MiCA
Formed earlier this year by an initial group of 10 European banks, Qivalis has steadily positioned itself as a banking-led response to the dominance of dollar-backed stablecoins such as USDT and USDC, which CoinGecko data shows still account for roughly 98% of the global stablecoin market.
The consortium originally included BNP Paribas, ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International. Former Coinbase Germany CEO Jan Oliver Sell was appointed chief executive when the project launched in January.
Back in April, France’s finance minister, Roland Lescure, publicly backed euro-based stablecoins and endorsed the Qivalis initiative during a crypto conference in Paris. Lescure said Europe needed more euro-denominated stablecoins and encouraged banks to explore tokenized deposits to avoid dependence on foreign digital payment systems.
Although European Central Bank President Christine Lagarde said earlier this month that stablecoins were not Europe’s preferred route for strengthening the euro internationally, banking groups across the region have continued advancing private sector projects tied to regulated on-chain payments.
Under its current structure, Qivalis is seeking licensing approval from the Dutch central bank as an Electronic Money Institution while preparing a MiCA-compliant euro stablecoin for launch in 2026.
In March, the consortium selected Fireblocks to provide tokenization technology, custody services, and wallet infrastructure tied to the project’s compliance systems.
Jan Sell, Qivalis’ CEO, said the consortium wants Europe’s digital financial infrastructure to remain tied to the euro rather than becoming dependent on dollar-based stablecoins issued outside the region.
“The euro is Europe’s currency, and on-chain financial infrastructure should carry it, built by European institutions and governed by European rules,” Sell said.
