TheBlock
Qivalis expanded its euro stablecoin consortium to 37 European banks after onboarding 25 new lenders, deepening institutional backing for a planned euro-denominated digital token regulated under the Dutch central bank. New entrants include ABN Amro, Intesa Sanpaolo, Rabobank, and Luxembourg's state-owned Spuerkeess, joining a founding group of 12 that includes BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, DekaBank, KBC Bank, Raiffeisen Bank International, SEB, and Banca Sella.
The consortium, domiciled in Amsterdam, is pursuing authorization from De Nederlandsche Bank to operate as an electronic money institution. CEO Jan-Oliver Sell told the Financial Times the group expects to receive its licence in the second half of this year and plans to issue immediately upon approval — a euro stablecoin backed 1:1 by euros and high-quality liquid assets held by regulated custodians. "We are not just building a euro stablecoin; we are laying the European financial rails of the future," the consortium wrote on X.
Why it matters
The expansion lands as dollar-denominated stablecoins continue to dominate the sector. Total supply for dollar-pegged tokens has crossed $301 billion, led by Tether's USDT at roughly $190 billion and Circle's USDC at around $77 billion. Euro-pegged stablecoins remain a fraction of that — CoinGecko data puts the segment at $896 million, with Circle's EURC ($443M), STASIS' EURS ($151.9M), and Société Générale's EURCV ($122.3M) leading the field. French Finance Minister Roland Lescure said in April that the euro segment's relative size was "not satisfactory," while ECB President Christine Lagarde warned this month that rising dollar stablecoin use in Europe risked "entrenching dollar dependency." A 37-bank consortium is a direct response to that policy pressure — and a signal that European lenders are coordinating rather than waiting for the ECB's own retail digital euro.
Market impact
The bank-led structure differentiates Qivalis from prior euro stablecoin attempts: regulated custodians, EMI authorisation under De Nederlandsche Bank, and a member roster heavy with systemically important lenders.
Frequently asked questions
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What is Qivalis?
Qivalis is an Amsterdam-domiciled consortium of European banks building a euro-denominated stablecoin. It launched in December 2025 with 12 founding members and has since expanded to 37 banks across the Netherlands, France, Germany, Italy, Spain, the Nordics, and Luxembourg.
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Who are the new banks joining the Qivalis consortium?
The 25 new entrants include ABN Amro, Intesa Sanpaolo, Rabobank, and Luxembourg's state-owned Spuerkeess, alongside other European lenders spanning France, Germany, the Nordics, and Southern Europe.
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Which regulator is overseeing the Qivalis euro stablecoin?
Qivalis is pursuing authorization from De Nederlandsche Bank, the Dutch central bank, to operate as an electronic money institution. CEO Jan-Oliver Sell said the consortium expects to receive its licence in the second half of this year.
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How does Qivalis differ from existing euro stablecoins?
Existing euro stablecoins such as Circle's EURC, STASIS' EURS, and Société Générale's EURCV are issued by individual firms. Qivalis is a 37-bank consortium issue, backed 1:1 by euros and high-quality liquid assets held by regulated custodians under EMI oversight.
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Why does the euro stablecoin market lag the dollar segment?
Total euro-pegged stablecoin supply sits at roughly $896 million, compared with over $301 billion for dollar-pegged tokens. French Finance Minister Roland Lescure called that gap "not satisfactory," and ECB President Christine Lagarde warned that rising dollar stablecoin use in Europe risks entrenching dollar…
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