Euro stablecoin project Qivalis adds 25 new members

The joint venture of European banks Qivalis, set to launch a euro-backed stablecoin this year, has added 25 new members.

The financial institutions from a number of EU nations are bringing the total number of participants in the ambitious project to 37.

Qivalis adds new members in major expansion

Over two dozen banks have joined Qivalis, the consortium established to issue a euro-denominated alternative to dollar-pegged stablecoins, which dominate this segment.

Some of Europe’s largest banking organizations teamed up to realize the idea a few months ago. Others have backed it since. And the current wave is a significant increase in participation.

Announcing its latest expansion in a post on X on Wednesday, the group also unveiled that the cryptocurrency is slated to appear in the second half of 2026.

Qivalis took the opportunity to reiterate its main goal – to issue a “native, regulated euro in the on-chain financial system.”

Commenting on the inclusion of new members, the Chief Financial Officer of Qivalis, Dutch financial and digital assets expert Floris Lugt, described the development as a “revolutionary moment,” stating:

Two banks from the Netherlands, ABN Amro and Rabobank, have now joined the Amsterdam-based consortium. ING was among its founders last fall.

Financieele Dagblad, the country’s leading business daily, which quoted Lugt, wrote that the move marks a significant shift in the stance of major Dutch banks towards digital currencies and assets.

Nine banks launched the project in September 2025, including giants like ING, the Belgian KBC, Italy’s UniCredit, and the Austrian Raiffeisen. France’s BNP Paribas became part of it later.

Spain’s Banco Sabadell was accepted earlier in May, taking the total to 12 banks at the time, as reported by Cryptopolitan. Another five Spanish banks were added this week.

With the 25 joining now, the club already numbers 37 banks, coming from all corners of the Old Continent, from Iceland and Sweden, to Poland, Italy, and Greece.

Qivalis CEO Jan-Oliver Sell called the expansion of the consortium “a giant leap toward an open and compliant on-chain ecosystem for the euro”.

Euro stablecoin to enter dollar-dominated space

Unlike decentralized cryptocurrencies like Bitcoin and Ethereum, most stablecoins are tied to a fiat currency by their issuer to keep their price stable. They are widely used in crypto trading.

The global stablecoin market, which according to Citigroup may reach $4 trillion this decade, is heavily dominated by digital currencies pegged to the U.S. dollar, such as Tether’s USDT and Circle’s USDC.

EU officials have been expressing concerns that this growth may flood Europe with digitalized dollars and undermine Frankfurt’s monetary policy.

However, that hasn’t translated into support for euro stablecoins. The case for them is “far weaker than it appears,” according to a recent statement by ECB President Christine Lagarde.

Earlier this month, she warned that even they present a risk to financial stability and said that stablecoins are not an efficient way to strengthen the international role of the common currency.

The expansion of the Qivalis project comes as the European Union is trying to implement its Markets in Crypto Assets (MiCA) regulations across all member states.

The comprehensive framework was adopted in 2023 and came into effect in 2024, but not all EU countries have transposed its provisions into national law yet.

Representatives of AIB and Bank of Ireland, two Irish banks that are joining Qivalis now, insisted in comments for the local press that the euro stablecoin will be fully compliant with MiCA.

Qivalis CFO Floris Lugt assured the group shares the EU’s concerns and is addressing them while developing the regulated crypto, which will be backed by bank deposits and other assets.

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