Qivalis, a European banking consortium building a regulated euro stablecoin, has expanded to 37 member institutions after adding 25 new banks across 15 countries. The expansion strengthens its plan to launch a euro-backed digital currency in the second half of 2026.
New members include major banks such as ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo. The consortium is based in Amsterdam and is working under the EU’s MiCA regulatory framework to build a compliant stablecoin system for Europe.
The group said its goal is to design a payment system that reflects European standards for regulation, financial stability, and data protection.
We are not just building a euro stablecoin; we are laying the European financial rails of the future.
25 new banks have joined Qivalis today – bringing our consortium to 37 major institutions united behind one mission: a native, regulated euro in the on-chain financial system,… pic.twitter.com/J3DTm2uc0y
— qivalis (@qivaliseu) May 20, 2026
European banks move to reduce reliance on dollar stablecoins
The expansion comes as Europe tries to reduce dependence on US dollar stablecoins, which currently dominate about 98% of the global market.
Qivalis is positioning its euro stablecoin as a regional alternative that could support payments inside Europe and across cross-border transactions. The addition of banks from Spain, Italy, France, Sweden, Greece, Finland, Ireland, and the Netherlands shows broad regional participation.
Spain had the highest number of new members, adding five banks, showing growing interest in euro-denominated digital assets. Early data also suggests rising retail activity in euro stablecoins such as EURC within the country.
MiCA framework shapes push for unified digital euro system
Qivalis’ strategy is closely tied to the EU’s MiCA regulation, which is designed to provide a legal structure for crypto assets and stablecoins across member states.
The consortium aims to build a unified and regulated euro stablecoin infrastructure that can be used by banks, institutions, and payment providers across Europe.
Officials said the project is not only about creating payment rails but also about ensuring that Europe remains competitive in the global digital currency space while maintaining regulatory control.
As the 2026 launch approaches, this expansion reflects growing momentum among European banks to build a homegrown alternative to dollar-based stablecoin systems. This move also comes as European Central Bank President Christine Lagarde has warned that stablecoins are moving from crypto trading tools into core parts of the global financial system, raising new risks for monetary control and stability.
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