Qivalis has significantly expanded its euro stablecoin consortium by adding 25 European banks, bringing the total membership to 37 institutions across 15 countries. According to recent announcements, the Amsterdam-based group now includes major European lenders such as ABN Amro, Intesa Sanpaolo, Rabobank, Nordea, Erste Group, National Bank of Greece, Banco Sabadell, Bank of Ireland, Swedbank, Groupe BPCE, Handelsbanken, and others. The consortium also encompasses banks from France, Germany, the Nordics, and Southern Europe, with Spain emerging as a key growth hub, contributing five new members including ABANCA, Banco Sabadell, Bankinter, Cecabank, and Kutxabank. The expansion comes as European banks are increasingly concerned about the growing dominance of US dollar-backed crypto infrastructure in global finance, with the project framed explicitly in regional terms by 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."
Qivalis launched in December 2025 with 12 founding members, including major European banks such as BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, DekaBank, KBC Bank, Raiffeisen Bank International, SEB, and Banca Sella. The consortium is now pursuing authorization from De Nederlandsche Bank, the Dutch central bank, to operate as an electronic money institution under the EU's MiCA framework. Fireblocks was selected in April 2026 as the core infrastructure partner, locking in the tokenization engine and end-to-end treasury management platform. Fireblocks provides institutional-grade infrastructure designed specifically for regulated entities, with built-in MiCAR compliance features including governance controls, AML/KYC integration, and audit-ready reporting. CEO Jan-Oliver Sell told the Financial Times that the group anticipates receiving its licence in the second half of this year and aims to go live immediately upon approval. The regulatory pathway is now concrete with DNB authorization as the formal gateway for MiCAR compliance, transforming Qivalis from a consortium announcement into a near-term operational reality.
According to The Block's data, the expansion comes as dollar-pegged stablecoins continue to dominate the sector with total supply exceeding $320 billion, accounting for about 99% of total issuance. Tether's USDT leads with a market cap of nearly $190 billion, while Circle's USDC ranks second at approximately $77 billion. In contrast, euro-pegged stablecoins represent just $650 million but are gradually growing. Circle's EURC leads the euro segment at $443 million, followed by STASIS' EURS at $151.9 million and Societe Generale's EURCV at $122.3 million. However, S&P Global Ratings projects the euro stablecoin market could grow from about €770 million to as much as €1.1 trillion by 2030, driven by rising institutional demand for on-chain euro liquidity. The consortium aims to challenge dollar dominance with a regulated, MiCAR-compliant offering designed to become a trusted European payment standard, capturing euro-denominated payments that currently face friction when stablecoin payments require dollar conversion. As reported by Invezz, the project is tied to expectations that financial assets such as bonds and real estate could eventually be traded as blockchain-based crypto tokens, positioning Qivalis as part of a broader digital asset ecosystem.
Despite the consortium's growth, euro stablecoins face significant adoption challenges with current market reality showing stark differences from projections. Reuters reported that Societe Generale's crypto subsidiary, SG-FORGE, launched a euro-backed stablecoin in 2023 but currently has only about €105.6 million in circulation, representing a tiny fraction of dollar stablecoin dominance. This gap between institutional interest and actual demand highlights the institutional interest is growing faster than actual demand for euro-denominated crypto assets. The timing is notable as regulators in both Europe and the United States move closer toward clearer stablecoin frameworks, increasing competition over who will control the next generation of digital payment infrastructure. The consortium's approach represents a practical step toward building a multi-ledger reality where traditional finance institutions can participate in digital asset innovation while maintaining regulatory compliance and institutional trust, positioning Europe to compete more effectively with US-led stablecoin giants.
The expansion has drawn significant industry attention, with Carl Grimstad, CEO and co-founder of Lydian, noting that "37 major European banks rallying behind Qivalis is the clearest signal yet that the debate over whether traditional finance would adopt digital assets is settled." However, he cautioned that "as institutions rush to launch localised tokens to solve their own internal treasury needs, they're accidentally building a highly fragmented market," and highlighted that "several Qivalis member banks aren't even in the eurozone, which tells you just how complex the settlement and interoperability questions become in practice." The consortium's strategy positions it around the long-term rise of tokenized assets, where instruments such as bonds, deposits, and real estate could eventually move across blockchain-based settlement rails, giving stablecoin issuers significant influence over future payment and settlement infrastructure. The project reflects growing concern among European lenders about the dominance of US dollar-backed stablecoins in digital payments and tokenized finance, with the initiative marking "a giant leap towards an open on-chain ecosystem for the euro" as traditional finance institutions prepare for a future financial system that may become increasingly tokenized.
