Qivalis Adds 25 Banks as Europe Pushes Euro Stablecoin Infrastructure

A European consortium of banks expanded by adding 25 new institutions, bringing membership to 37 across 15 European countries. Major lenders including ABN Amro, Rabobank, Sabadell, Bankinter, Bank of Ireland, Handelsbanken, and Nordea joined alongside earlier members such as ING, BNP Paribas, and BBVA. The initiative is positioned as a response to the dominance of U.S.-based payment infrastructure and dollar-backed stablecoins. The consortium plans to launch a euro-pegged digital currency later in 2026 for onchain payments. The goal is to build euro-based onchain financial infrastructure governed by European rules, reflecting concerns that blockchain finance is being shaped outside Europe. Dollar stablecoins tied to Tether and Circle hold large market circulation figures.

"Qivalis added 25 banks, reaching 37 institutions across 15 European countries. ING and BNP Paribas back euro stablecoins to counter $190B Tether dominance. Qivalis plans a euro-pegged stablecoin launch later in 2026 for onchain payments."

"The consortium reported that 25 additional banks have joined the initiative, bringing total membership to 37 financial institutions spanning 15 countries. New participants include major lenders such as ABN Amro, Rabobank, Sabadell, Bankinter, Bank of Ireland, Handelsbanken, and Nordea. The Amsterdam-based project, established last year, already counted ING, BNP Paribas, and BBVA among its members."

"The initiative is a strategic response to the growing dominance of U.S.-based payment infrastructure and dollar-backed stablecoins in global digital finance. The euro is Europe's currency, and on-chain financial infrastructure should carry it. It should be built by European institutions and governed by European rules."

"Stablecoins tied to the U.S. dollar, particularly those issued by Tether and Circle, now dominate the market with roughly $190 billion and $77 billion in circulation, respectively. European banks increasingly view blockchain-based payments and tokenized assets as an area they cannot afford to ignore."

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