Earlier this week, Qivalis confirmed that 37 banks across 15 European countries have joined its plan to build a regulated euro-backed stablecoin. The consortium has grown quickly, bringing in major financial institutions as it works under EU crypto rules to create a shared digital currency system.
Most Nordic banks are now part of the project, but Norway’s DNB has chosen not to join. The decision stands out as European banks increasingly coordinate on stablecoin infrastructure.
Instead of joining Qivalis, DNB is focusing on its own digital money systems that can connect to multiple networks rather than relying on a single stablecoin model.
DNB believes future digital money will not follow one path. It expects stablecoins, central bank digital currencies, and tokenised bank deposits to all exist at the same time, each serving different needs.
Derfor valgte DNB bort Qivalis
Mens resten av Norden har sluttet seg til Qivalis, har Norges største bank DNB valgt en annen vei. Ikke fordi de har oversett stablecoins, men fordi de har analysert hele landskapet for digitale penger — og trukket en annen konklusjon.
Spørsmålet…
— Kaupr.io – FUTURE OF FINANCE (@kaupr_io) May 22, 2026
Why did DNB decide not to join Qivalis?
DNB said its decision is based on flexibility and long-term strategy. It views Qivalis as a single system built around one euro stablecoin, while it expects the future to be more fragmented.
Because of this, DNB prefers to build systems that can connect to many platforms instead of committing to one consortium-issued currency. The bank believes this approach reduces risk and keeps more options open as rules and demand change.
What is DNB building instead of a stablecoin?
DNB is developing a wallet system that can support different types of digital money, including stablecoins, tokenised bank deposits, and future central bank digital currencies.
The bank is also working on tokenised deposits, which act like digital cash but remain inside the regulated banking system. These can still move using blockchain-based tools while staying under bank control.
What Europe’s split approach means for digital money
Europe is currently moving in different directions at once. Qivalis represents a shared euro stablecoin model led by banks, while DNB is building systems that connect multiple forms of digital money instead of issuing one.
This shows there is still no single direction for digital money in Europe. Banks are instead preparing for a future where several systems run side by side, depending on use case, regulation, and market demand.
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