European banks are increasing their focus on euro-denominated stablecoin infrastructure as demand grows for faster, regulated and blockchain-based payment systems. Qivalis, an Amsterdam-based initiative supported by major financial institutions, aims to launch a euro-pegged stablecoin designed for institutional payments, settlements and tokenized finance.
The project is expected to move forward in the second half of 2026, subject to regulatory approval. Its goal is to create a MiCA-compliant euro stablecoin backed by European banks and aligned with the region’s digital finance framework.
What Is Qivalis?
Qivalis is a European bank-backed initiative developing a stablecoin tied to the euro. The project aims to make the euro more usable in blockchain-based financial transactions.
A stablecoin is a digital asset designed to maintain a stable value by being linked to a traditional currency such as the euro or the US dollar. In Qivalis’ case, the planned stablecoin will be euro-pegged and designed mainly for institutional use.
Rather than focusing only on crypto trading, Qivalis is positioning itself as a regulated digital payment infrastructure for banks, companies and financial institutions.
Bank Participation Rises From 12 to 37
The latest update from Qivalis is the addition of 25 new banks to the consortium. With these new members, the number of participating financial institutions has increased from 12 to 37.
This expansion shows that European banks are taking a more active role in stablecoins, tokenized assets and blockchain-based settlement systems. It also turns Qivalis from a smaller banking initiative into a broader European financial network.
For the banking sector, the main objective is clear: to build a regulated euro-based alternative for digital payments and settlements in a market still largely dominated by US dollar stablecoins.
Which Banks Joined Qivalis?
The new banks joining Qivalis include:
- ABANCA
- ABN AMRO
- AIB
- Banco Sabadell
- Bank of Ireland
- Bank Pekao S.A.
- Bankinter
- Spuerkeess
- Banque Fédérative du Crédit Mutuel
- BPER Banca
- Cecabank
- Erste Group
- Groupe BPCE
- Handelsbanken
- Helaba
- Intesa Sanpaolo
- Jyske Bank
- Kutxabank
- Landsbankinn
- National Bank of Greece
- Nordea
- OP Pohjola
- Piraeus
- Rabobank
- Swedbank
These institutions join the original 12 members: Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB and UniCredit.
With the latest expansion, Qivalis now brings together 37 financial institutions from 15 European countries.
What Will the Qivalis Euro Stablecoin Be Used For?
The planned Qivalis stablecoin is designed for institutional financial activity. Its main use cases include cross-border payments, interbank transfers, corporate treasury operations and settlement of tokenized financial assets.
Traditional international payments can involve multiple intermediaries, higher costs and delays. A blockchain-based stablecoin system can make these processes faster, more transparent and easier to automate.
For European companies, Qivalis aims to offer a 24/7 euro-based payment and settlement layer that can operate within a regulated banking framework.
Why Is Europe Focused on Euro Stablecoins?
The global stablecoin market is still dominated by US dollar-backed assets such as USDT and USDC. Euro-based stablecoins remain much smaller in comparison.
This creates a strategic gap for Europe. If financial activity continues moving toward tokenized assets and blockchain settlement, the region needs reliable euro-denominated tools that can operate under European rules.
Qivalis aims to address this gap by creating a bank-backed and regulated stablecoin infrastructure. The project supports Europe’s broader goal of strengthening the euro’s role in digital finance.
A MiCA-Compliant Stablecoin Project
Qivalis plans to develop its stablecoin in line with the European Union’s Markets in Crypto-Assets Regulation, known as MiCA.
MiCA sets common rules for crypto asset issuers, including requirements around reserves, transparency, governance and user protection. For Qivalis, regulatory approval is a key part of the launch process.
The project will also need approval from the Dutch Central Bank as an electronic money institution before the stablecoin can be issued. Until that process is complete, the stablecoin is not expected to go live.
Qivalis Has Not Issued a Token Yet
One of the most important details is that Qivalis has not yet launched a token. There is currently no official Qivalis stablecoin in circulation and no official smart contract address.
The company is targeting a launch in the second half of 2026, but this remains dependent on regulatory approval and technical readiness.
For that reason, users should be cautious about any token, contract address or investment claim using the Qivalis name before an official announcement is made.
Competition in the Euro Stablecoin Market Could Increase
Qivalis’ expansion to 37 banks could increase competition in the euro stablecoin market. However, the project’s success will not depend only on the number of participating institutions.
Adoption, liquidity, reserve structure, banking integrations and real-world corporate use will be the main factors to watch after launch.
The euro stablecoin market is still small compared with dollar-backed stablecoins. Even so, the growing involvement of European banks shows stronger interest in regulated digital payment infrastructure.
What Qivalis Means for European Banking
Qivalis shows that European banks are moving more directly into the stablecoin and tokenized finance space. The project aims to make the euro more visible and useful in blockchain-based financial activity.
If regulatory approval is secured and institutional adoption follows, Qivalis could become one of Europe’s most important bank-backed euro stablecoin initiatives.
Its long-term impact will depend on how widely the stablecoin is used after launch, how much liquidity it attracts and whether banks and companies integrate it into their daily payment and settlement operations.
