A consortium of European banks has added 25 new lenders [1] to accelerate the launch of a euro-denominated stablecoin.
This expansion represents a strategic effort to reduce the reliance of digital finance on the U.S. dollar. By creating a regulated alternative, the group aims to deepen the role of the euro within the growing sector of tokenized finance.
The project, known as Qivalis, is now supported by a total of 37 lenders [2]. This network spans 15 countries across the European continent [3]. Major institutions including Intesa Sanpaolo and ABN Amro are among the participants driving the initiative.
The consortium intends to launch the stablecoin in the second half of 2026 [4]. The goal is to provide a stable, digital asset that maintains a peg to the euro, offering a viable alternative to dollar-backed assets that currently dominate the cryptocurrency and stablecoin markets.
By broadening its membership, the Qivalis project seeks to ensure the new digital currency has widespread adoption and liquidity across various European jurisdictions. This collaborative approach allows the participating banks to share the technical and regulatory burden of developing a compliant digital asset.
The push for a pan-European stablecoin comes as financial institutions increasingly explore blockchain technology to streamline cross-border payments and settlement processes. A regulated euro-stablecoin could potentially lower costs and increase the speed of transactions within the Eurozone and beyond.
“The consortium added 25 new lenders, bringing the total to 37.”
The expansion of the Qivalis consortium signals a coordinated effort by traditional European banking giants to reclaim monetary influence in the digital era. By scaling the network to 37 banks, the project moves from a conceptual phase to a systemic infrastructure play. If successful, this could shift the balance of power in tokenized finance, moving the ecosystem away from a U.S.-centric model toward a multipolar digital currency landscape.
