Consortium Qivalis Adds Another 25 Banks to Euro Stablecoin Project

European banking consortium Qivalis, which is preparing to launch a regulated euro-pegged stablecoin, expanded to 37 members. The first issuance of the new digital currency is planned for H2 2026, pending regulatory approval.

Qivalis announced that 25 additional banks joined the consortium. The alliance now includes 37 financial institutions from 15 European countries. The project is positioned as the first pan-European initiative to create a regulated euro stablecoin under EU legislation. Oversight of the project will be carried out by De Nederlandsche Bank (DNB).

Major European banks that joined the initiative include:

• ABN AMRO;
• Intesa Sanpaolo;
• Nordea;
• Rabobank;
• Swedbank, among others.

The expansion is expected to accelerate the adoption of the euro stablecoin for cross-border settlements, digital asset transactions, and corporate payments. Key benefits of the future infrastructure include instant international transfers, 24/7 settlements, lower operating costs, and the automation of financial processes through blockchain-based solutions.

Qivalis CEO Jan-Oliver Sell said that the consortium’s expansion marked an important step toward building an open, regulation-compliant on-chain infrastructure for the euro. According to him, most European financial institutions already view euro-denominated settlements within blockchains as a priority area for digital asset development.

Individual consortium members also highlighted the project’s practical value. Elena Carrera, Chief Operating & Technology Officer at Banco Sabadell, noted that joining the initiative would help the bank develop new payment services for both retail and corporate clients, while also expanding its blockchain expertise.

Sir Howard Davies, Chair of Qivalis’ Supervisory Board, stated that Europe must ensure the euro’s presence within the emerging digital financial infrastructure in order to maintain global competitiveness and retain control over its payment systems. According to Qivalis data, the global stablecoin market already exceeds $290 billion, while euro-pegged digital currencies account for only around 0.2% of global volume. At the same time, the euro is involved in approximately 20–25% of global foreign exchange transactions. The consortium believes that launching a pan-European stablecoin would strengthen the EU’s financial sovereignty and reduce dependence on dollar-based digital infrastructure.

Qivalis, initially formed by nine of Europe’s largest banks, was established in September 2025 to issue a euro-pegged stablecoin compliant with MiCA regulations. In March, it was revealed that the number of consortium members grew to twelve, and that the project entered the final stage of preparation.