Qivalis expands euro stablecoin consortium to 37 banks

Qivalis expanded its euro stablecoin consortium to 37 European banks after adding 25 new lenders, extending backing for a planned euro-denominated digital token as the group seeks to build out its regulated payments infrastructure in the euro area.

Among the new entrants are ABN Amro, Intesa Sanpaolo, Rabobank, and Luxembourg state-owned Spuerkeess, alongside other European lenders spanning France, Germany, the Nordics, and Southern Europe. The expanded membership strengthens the group’s effort to establish a bank-supported onchain euro settlement network, Qivalis said in an X post on Wednesday.

"We are not just building a euro stablecoin; we are laying the European financial rails of the future," the consortium wrote in the post.

Qivalis launched in December 2025 with 12 founding members, including BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, DekaBank, KBC Bank, Raiffeisen Bank International, SEB, and Banca Sella. 

The consortium says it is domiciled in Amsterdam and is pursuing authorization from De Nederlandsche Bank, the Dutch central bank, to operate as an electronic money institution. 

Qivalis plans to issue a stablecoin backed 1:1 by euros and high-quality liquid assets held by regulated custodians. The group anticipates receiving its licence in the second half of this year and aims to go live immediately upon approval, CEO Jan-Oliver Sell told the Financial Times.

Dollar-pegged stablecoins top $300 billion

The development comes as dollar-denominated stablecoins continue to dominate the sector. Total supply for dollar-pegged tokens has exceeded $301 billion, according to The Block′s data dashboard. Tether′s USDT leads with a market cap of nearly $190 billion, while Circle's USDC ranks second at approximately $77 billion.

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Euro-pegged stablecoins remain a fraction of that market. Data tracked by CoinGecko shows total euro stablecoin market capitalization at $896 million, with Circle′s EURC leading the segment at $443 million. STASIS' EURS follows with $151.9 million, while Societe Generale′s EURCV ranks third at $122.3 million.

French Finance Minister Roland Lescure said in April that the relatively small volume of euro-pegged stablecoins compared to dollar-pegged ones was "not satisfactory." Lescure voiced support for the Qivalis initiative and encouraged European banks to further explore tokenized deposits.

European Central Bank President Christine Lagarde also said this month that rising use of dollar stablecoins in Europe posed a "legitimate concern that risks entrenching dollar dependency."