Euro Stablecoin Project Qivalis Gains Momentum with 37 Banks Onboard

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2026-05-21 11:20:02

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The Qivalis euro stablecoin project, initially launched in late 2024 as Eurostablecoin, has expanded its consortium to 37 major banks across 15 European countries. The initiative, now rebranded as Qivalis, aims to establish a native, regulated euro-denominated stablecoin within the on-chain financial system.

Recent additions include 25 new institutions from Germany, France, Spain, the Netherlands, and Nordic nations. While demand for euro stablecoins remains untested, the project's growth signals institutional interest in alternatives to dollar-dominated digital currencies.

Geopolitical motivations underpin the effort, with European banks seeking to reduce reliance on USD-based payment rails. The consortium's composition will be formally disclosed later this month.

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