European Banks Unite Behind Euro Stablecoin Push to Challenge Dollar Dominance

European stablecoin project Qivalis has expanded its banking consortium to 37 members after adding 25 new institutions from 15 countries, underscoring growing momentum behind efforts to establish a regulated euro-backed digital currency. The consortium’s latest additions include ABN AMRO, Intesa Sanpaolo, Rabobank and Nordea.

Based in Amsterdam, Qivalis is targeting a launch in the second half of 2026 and is seeking authorisation from the Dutch central bank to operate as an electronic money institution. The group plans to issue a stablecoin backed one-to-one by euros and liquid assets held with regulated custodians.

The initiative reflects increasing concern among European financial institutions over the dominance of US dollar stablecoins, particularly Tether’s USDT and Circle’s USDC. Dollar-pegged stablecoins currently account for the vast majority of the market, with total supply surpassing US$301 billion (AU$421.4 billion).

By comparison, euro-backed stablecoins remain a small segment of the industry. CoinGecko data cited by the consortium shows Circle’s EURC has the largest euro stablecoin market capitalisation at US$443 million (AU$620.2 million).
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MiCA Framework Shapes Euro Stablecoin Expansion 

Qivalis said its expanding membership base strengthens plans to build regulated euro-denominated payment rails and on-chain settlement infrastructure under Europe’s MiCA framework.

Chief executive Jan-Oliver Sell said the consortium was focused on strengthening European financial sovereignty and improving areas such as cross-border payments and instant settlement systems rather than replacing existing domestic payment networks.

Despite the push from banks, European Central Bank President Christine Lagarde recently questioned whether private stablecoins were the best way to improve the euro’s global role.

Related: ECB Backs Plan to Centralise EU Crypto Oversight Under ESMA

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