Qivalis expands to 37 euro-backed stablecoin banks in Europe

A consortium of European banks has significantly expanded its membership as it prepares to launch a regulated, euro-backed stablecoin. The Amsterdam-based group, Qivalis, announced on Wednesday that it has added 25 new financial institutions, bringing its total membership to 37 banks from 15 countries.

The new members include major lenders such as ABN Amro, Rabobank, Nordea, Intesa Sanpaolo, and Spain's Banco Sabadell and Bankinter. Spain contributed five new banks to the consortium, the largest share from any single country. The expansion strengthens a pan-European effort to develop a digital payments infrastructure governed by regional rules and reduce reliance on U.S. dollar-denominated stablecoins.

Qivalis aims to launch its stablecoin in the second half of 2026, pending authorization from the Dutch central bank to operate as an electronic money institution. The planned digital currency will be pegged one-to-one to the euro and backed by high-quality liquid assets held by regulated custodians.

The initiative is framed by its leadership as a strategic project to ensure the euro remains central to Europe's on-chain financial future. The euro is Europe's currency, and on-chain...