Overview
- Qivalis announced on May 20 that 25 new banks joined, bringing its membership to 37 institutions across 15 countries and widening its pan‑European reach.
- The group is preparing a euro‑pegged stablecoin designed to be MiCA compliant and is applying to De Nederlandsche Bank for an Electronic Money Institution licence ahead of a targeted launch in the second half of 2026.
- Qivalis says the tokens will be backed by bank deposits and other safe assets, and the consortium selected Fireblocks to provide tokenization, custody and wallet infrastructure.
- The project seeks to counter reliance on U.S. dollar stablecoins, but dollar tokens dominate the market and euro‑denominated stablecoins today make up only about 0.18–0.2% of circulation.
- Regulatory approval and real‑world demand from corporate treasuries, fintechs and institutional users will determine whether the bank network can create euro settlement rails or remain a niche, compliance‑focused product.