European Banks Rally Behind Qivalis Stablecoin to Bolster Euro’s Digital Future

A consortium of major European banks, including ING, UniCredit, and BBVA, is backing Qivalis—a new euro-pegged stablecoin initiative aimed at countering dollar dominance in digital finance. CEO Jan-Oliver Sell warns that without swift adoption of blockchain-based financial infrastructure, Europe risks ceding monetary sovereignty to dollar-backed stablecoins like Tether and USDC.

Qivalis, currently in final licensing stages with the Dutch Central Bank, seeks to become the first MiCA-compliant euro stablecoin. The project addresses what Sell calls 'the euro's existential crisis' in the face of rapidly evolving digital asset markets where dollar instruments currently command 99% of stablecoin transactions.

The move comes as the ECB accelerates its digital euro experiments, with commercial banks positioning Qivalis as a complementary private-sector solution. Market observers note the initiative could trigger competitive responses from US-based stablecoin issuers and Asian central bank digital currency projects.