A European banking consortium called Qivalis has expanded to 37 lenders to develop a euro-pegged stablecoin [1].
This move represents a coordinated effort by European financial institutions to reduce the reliance on U.S. dollar-dominant stablecoins and strengthen the euro's presence in the digital economy.
The consortium now spans 15 countries [4], having recently added 25 new banks to its membership [4]. Among the latest participants are the Spanish lenders Sabadell and Bankinter [1]. By pooling resources, these institutions intend to create a digital asset that deepens the role of the euro within tokenised finance [1].
The initiative seeks to provide a regulated, bank-backed alternative to the private stablecoins that currently dominate the cryptocurrency market. This expansion suggests a growing consensus among European lenders that a sovereign-aligned digital currency is necessary to maintain financial autonomy in the face of U.S.-led digital asset growth [1].
Qivalis expects to launch the stablecoin in the second half of 2026 [7]. The project aims to bridge the gap between traditional banking infrastructure and the emerging ecosystem of programmable money, a transition that could alter how cross-border payments are settled within the eurozone.
While the project is led by private lenders, it aligns with broader European goals to modernize payment systems. The inclusion of banks from across the continent is intended to ensure the resulting asset has the liquidity, and institutional trust, required for wide-scale adoption [4].
“The consortium now spans 15 countries”
The growth of Qivalis signals a strategic shift toward institutionalized digital currencies in Europe. By creating a bank-led alternative to U.S. dollar stablecoins, European lenders are attempting to prevent a scenario where the digital financial layer of the global economy is controlled exclusively by U.S.-based entities and private issuers. If successful, this could increase the euro's utility in decentralized finance and provide a blueprint for other regions seeking monetary sovereignty in the tokenized era.
