Qivalis Expands Euro Stablecoin Consortium, Adding 25 Banks Across Europe
By Abdus Salam
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In a significant boost to the development of a MiCA-regulated euro stablecoin, Qivalis has expanded its consortium to include 37 banks after welcoming 25 new institutions from 15 different countries. This strategic move underscores the consortium's ambition to establish a robust digital currency framework before its anticipated launch in the latter half of 2026.
Among the newly onboarded members are notable financial players such as ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo, reflecting Qivalis' growing influence in the European financial landscape. Howard Davies, chairman of the Qivalis supervisory board, emphasized the consortium's commitment, stating, “We are not merely building payment rails; we are embedding European principles of data protection, financial stability, and regulatory rigor into the next generation of digital money.”
Spain particularly stands out in this latest expansion, contributing five banks, including ABANCA, Banco Sabadell, Bankinter, Cecabank, and Kutxabank. This surge in participation from Spain mirrors the broader trend of early adoption of euro-denominated stablecoins, with recent data indicating Spain as a leading retail market for Circle's EURC.
Italy has also joined the ranks, adding two new banks to the consortium, while France, Sweden, Greece, the Netherlands, Finland, and Ireland each welcomed two new members. This diverse enhancement of the consortium signifies strong participation from both northern and southern Europe and reinforces Qivalis’ objective to create a unified regulatory ecosystem for euro stablecoins under the European Union's Markets in Crypto-Assets (MiCA) framework.
The consortium's expansion comes amid a nuanced debate concerning the role of private stablecoins in fostering the euro's global stature. European Central Bank (ECB) President Christine Lagarde recently cautioned against viewing stablecoins as the key to strengthening the euro's international presence, highlighting a cautious approach to the burgeoning market dominated by US dollar-backed alternatives.
Despite ECB reservations, Qivalis continues to gain traction, reflecting a concerted effort by banks to develop regulated alternatives to the prevailing dollar-dominated landscape. The consortium is currently in discussions with cryptocurrency exchanges in preparation for its euro stablecoin launch, having partnered with digital asset custody provider Fireblocks for essential tokenization and compliance support.
“The euro is Europe’s currency, and on-chain financial infrastructure should carry it—built by European institutions and governed by European rules,” asserted Jan Sell, CEO of Qivalis. The consortium's forward momentum signals a pivotal moment in the push for a European digital currency landscape that prioritizes both innovation and regulatory assurance.
Source: Cointelegraph