EURC

Qivalis, a European banking consortium developing a regulated euro stablecoin, expanded to 37 member institutions on Wednesday after adding 25 new banks across 15 countries.
The new members include ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo. The Amsterdam-based consortium is targeting a second-half 2026 launch, according to a statement shared with Cointelegraph.
“We are not merely building payment rails; we are ensuring that European principles around data protection, financial stability and regulatory rigour are embedded into the next generation of digital money,” said Howard Davies, chairman of Qivalis’ supervisory board.
The move comes as European institutions race to establish alternatives to US dollar-dominated stablecoins, which currently account for 98% of the market, <a href="https://www.coingecko.com/en/categories/usd-stablecoin" rel="noopener noreferrer nofollow">according</a> to CoinGecko.
<h2 id="spain-leads-new-bank-wave">Spain leads new bank wave</h2>
Spain emerged as the most represented country among Qivalis’ 25 new members, adding five institutions, including ABANCA, Banco Sabadell, Bankinter, Cecabank and Kutxabank.
The country’s strong presence comes alongside broader signs of early adoption in euro-denominated stablecoins, with Brighty data recently pointing to <a href="https://cointelegraph.com/news/spain-leading-eurc-retail-market-europe-brighty-data" rel="noopener noreferrer nofollow">Spain as a leading retail market</a> for Circle's EURC usage.
<img alt="Euro stablecoin project Qivalis adds 25 banks ahead of launch" height="605" src="https://s3-images.ctmedia.io/media/content/pasted-image-815.png" width="855">
Source: Qivalis
Two new Italian banks joined the consortium. France, Sweden, Greece, the Netherlands, Finland and Ireland each added two new members as well, highlighting broad participation across northern and southern Europe.
The diversified expansion strengthens Qivalis’ goal of creating a unified, regulated euro stablecoin infrastructure under the European Union's Markets in Crypto-Assets (MiCA) framework.&nbsp;
<h2 id="ecb-stance-contrasts-stablecoin-push">ECB stance contrasts stablecoin push</h2>
The consortium’s plans come at a time of renewed debate in Europe over the role of private stablecoins in supporting the euro’s global position.
European Central Bank (ECB) President Christine Lagarde said in early May that <a href="https://cointelegraph.com/news/stablecoins-euro-global-role-ecb-christine-lagarde" rel="noopener noreferrer nofollow">stablecoins are not Europe’s best route</a> to strengthening the euro’s international role, pushing back against calls to respond to US dollar-backed stablecoins with euro counterparts.
Despite that stance, banking-led initiatives like Qivalis continue to gain momentum as institutions seek regulated alternatives to dollar stablecoins.
Related: <a href="https://cointelegraph.com/news/augustus-ceo-says-incumbents-cant-rebuild-for-ai-as-occ-backs-stablecoin-bank-bet" rel="noopener noreferrer nofollow">Augustus CEO says banks can’t rebuild for AI and stablecoins</a>
The consortium has been <a href="https://cointelegraph.com/news/europe-qivalis-consortium-exchanges-stablecoin-launch-h2-2026" rel="noopener noreferrer nofollow">engaging with crypto exchanges</a> ahead of a planned euro stablecoin launch.
In March, <a href="https://cointelegraph.com/news/european-banks-tap-fireblocks-for-mica-compliant-euro-stablecoin" rel="noopener noreferrer nofollow">Qivalis selected</a> digital asset custody provider Fireblocks for tokenization technology, wallet infrastructure and custody, along with tools supporting compliance.
“The euro is Europe’s currency, and on-chain financial infrastructure should carry it - built by European institutions and governed by European rules,” Qivalis CEO Jan Sell said.
Magazine: <a href="https://cointelegraph-magazine.com/etoro-founder-yoni-assia-bitcoin-four-year-cycle-theory-price-prediction-btc/" rel="noopener noreferrer nofollow">eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles</a>

Euro stablecoin project Qivalis adds 25 banks ahead of launch

Table of Contents

Cointelegraph

Other articles published on May 20, 2026

Join our free newsletter for daily crypto updates!