New members include ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo. The consortium is based in Amsterdam and is building the project under the EU’s MiCA regulatory framework.
Qivalis aims to create a regulated euro stablecoin that can be used for payments and cross-border transfers across Europe. The move comes as US dollar stablecoins dominate most of the global market.
The project is aligned with MiCA rules designed to unify crypto regulation across Europe. Banks involved say the goal is to build a compliant and regionally controlled digital payment system for Europe.