According to a May 20 announcement, Qivalis has expanded its European banking alliance to 37 institutions after onboarding 25 additional banks across 15 European countries. The Amsterdam-based consortium added major lenders including ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo as European financial institutions continue building regulated alternatives to U.S. dollar-backed stablecoins. The consortium originally included 10 European banks when it was formed in December 2025, with former Coinbase Germany CEO Jan Oliver Sell appointed as chief executive when the project launched. As reported by Reuters, the expansion comes as European institutions intensify efforts to offer regulated alternatives to dollar-dominated stablecoins, with the push signaling a broader effort to embed euro-denominated on-chain infrastructure within the bloc's regulatory framework.
The latest expansion includes several major European banks, with ING, BNP Paribas, and BBVA joining as premium members alongside newer additions like ABN Amro, Rabobank, and Nordea. As reported by Reuters, the consortium now includes 37 financial-institution members across 15 countries, representing a significant expansion from its original 10-bank foundation. Spain accounted for the largest share of new additions with five banks joining the consortium: ABANCA, Banco Sabadell, Bankinter, Cecabank, and Kutxabank. The country's growing footprint mirrors broader signs of euro-stablecoin uptake in Spain's retail space, where data from Brighty has highlighted Spain as a leading market for Circle's EURC usage. The consortium also added two banks each from France, Sweden, Greece, the Netherlands, Finland, and Ireland, while Italy contributed two additional institutions to the initiative. Eastern Europe is underrepresented with just Poland's Bank Pekao, though Raiffeisen Bank International has significant Eastern European presence.
Despite the consortium's growth, euro stablecoin adoption remains limited, with Société Générale's SG-FORGE euro stablecoin having approximately €105.6 million in circulation since its 2023 launch, according to Reuters data. The small supply can result in thinner liquidity, limiting use outside crypto trading and making tokenized markets like bonds harder to operate on the rail. As reported by CoinGecko data, dollar-backed stablecoins such as USDT and USDC still account for roughly 98% of the global stablecoin market. The combined market capitalisation of all stablecoins exceeds $301 billion, with around 90% held by Tether and Circle; euro-denominated stablecoins only total around €395 million, according to EU figures from November – or around 0.2% of the total in circulation. The consortium's success will depend on whether member banks can build the stablecoin into apps, corporate treasury tools, and cross-border payment workflows to create a network effect that competes with established incumbents.
According to Qivalis chairman Howard Davies, the consortium is building digital payment infrastructure around European regulatory standards rather than relying on foreign-issued alternatives. The consortium is seeking licensing approval from the Dutch central bank as an Electronic Money Institution while preparing a MiCA-compliant euro stablecoin for launch in H2 2026. In March, the consortium selected Fireblocks to provide tokenization technology, custody services, and wallet infrastructure tied to the project's compliance systems. The consortium plans to bring its stablecoin to market immediately after the licence is granted, with the model following the requirements of the European crypto-asset regulation MiCA (Markets in Crypto-Assets), which establishes uniform rules for digital assets in the EU. The remarkable aspect is that the regulatory path for stablecoins is clearer than tokenized deposits, positioning the consortium favorably for regulatory approval. The consortium has been engaging with crypto exchanges to prepare for a broader ecosystem around the euro stablecoin, signaling readiness to build an ecosystem that includes liquidity venues, wallets and custody aligned with European standards.
The expansion comes as the European Central Bank moves forward with its own digital currency initiatives, with plans for a pilot digital euro project in mid-2027 and issuance in 2029. According to Qivalis CEO Jan-Oliver Sell, "The euro is Europe's currency, and on-chain financial infrastructure should carry it – built by European institutions and governed by European rules." The consortium's latest additions include Bank of Ireland and AIB, with AIB's managing director Geraldine Casey stating the bank is investing in this consortium because "we believe Europe needs trusted, regulated innovation in payments and settlement." The initiative represents a practical step for AIB to learn, innovate, test and collaborate with leading European banks to help shape how new forms of digital money can be used safely within the regulated banking system. The consortium's pitch centers on "on-chain" euro payment rails governed by European rules, competing directly with a stablecoin market dominated by dollar-linked tokens from firms like Tether and Circle. As reported by Qivalis, "The euro is Europe's currency, and on-chain financial infrastructure should carry it – built by European institutions and governed by European rules."
