European Banks Expand Qivalis to 37 Members Across 15 Countries A growing coalition of European banks is accelerating efforts to launch a euro-backed stablecoin, as financial institutions across the region seek to establish a stronger foothold in the evolving digital payments market.
The Qivalis 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 consortium plans to launch a euro-pegged digital currency later this year. 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,” Qivalis Chief Executive Officer Jan-Oliver Sell said in a statement.
“It should be built by European institutions and governed by European rules.”
