37 European banks are now building their own euro stablecoin to counter US dollar tokens

Consortium Grows to 37 Banks Across 15 Countries

Amsterdam-based Qivalis has added 25 new member institutions in a single announcement, more than tripling its membership to 37 financial institutions spanning 15 European countries. The new entrants include ABN AMRO, Rabobank, Banco Sabadell, Bankinter, Bank of Ireland, Handelsbanken, Nordea, Intesa Sanpaolo, Erste Group, and Swedbank. They join earlier consortium members including ING, BNP Paribas, BBVA, CaixaBank, Danske Bank, DekaBank, DZ BANK, KBC, Raiffeisen Bank International, SEB, and UniCredit.

The group plans to debut its euro-backed stablecoin in the second half of 2026 under the EU's Markets in Crypto-Assets (MiCA) framework. It is also seeking an electronic money institution (EMI) license from the Dutch central bank. Qivalis plans to issue a stablecoin backed 1:1 by euros and high-quality liquid assets held by regulated custodians. At least 40% of reserves will be held in bank deposits, with the remainder in high-quality euro-area government bonds, so holders can always redeem at par.

"We are investing in this consortium because we believe Europe needs trusted, regulated innovation in payments and settlement," said Geraldine Casey, Managing Director of Retail Banking at AIB. Qivalis CEO Jan-Oliver Sell described the expansion as "a giant leap toward an open and compliant on-chain ecosystem for the euro." Howard Davies, chairman of Qivalis' supervisory board, added: "This infrastructure is essential if Europe is to compete in the global digital economy whilst preserving its strategic autonomy."

Taking On Dollar Dominance

As of April 2026, the global stablecoin market is valued at roughly $320 billion, with an overwhelming 99% of that supply tied to US dollars. Circle has a euro-pegged coin, but its market capitalisation is $450 million, compared to $77 billion for the company's dollar-pegged token. ECB President Christine Lagarde said earlier this month that rising use of dollar stablecoins in Europe posed a "legitimate concern that risks entrenching dollar dependency." French Finance Minister Roland Lescure also called on European banks to develop more euro-based stablecoins to reduce the region's reliance on non-EU payment providers.

Qivalis CEO Jan-Oliver Sell clarified that the project is not "competing with payments in Europe because payments in Europe work," but seeks to enhance cross-border payments and atomic or instant settlements. The addition of 25 new banks makes Qivalis Europe's largest stablecoin project, and the long-term opportunity is significant. S&P Global Ratings projected that the euro stablecoin market could grow from roughly 770 million euros ($895 million) today to as much as 1.1 trillion euros by 2030, driven largely by tokenized finance and institutional adoption.

Sources:
CoinDesk: Pan-European stablecoin effort expands to 37 lenders
The Block: Qivalis expands euro stablecoin consortium to 37 banks
PYMNTS: Euro-pegged stablecoin wins support from three dozen banks