The Qivalis consortium has secured backing from 37 banks across 15 countries for a euro-denominated stablecoin set to launch in the second half of this year. The pitch is structural: ING has flagged that most on-chain cross-border payments and blockchain bond settlements already happen in dollar stablecoins, creating a currency mismatch for European corporates whose payroll, taxes, and accounting are priced in euros.
The scale of the challenge is stark. DeFiLlama puts the global stablecoin market at $322.1 billion, with USDT at $189.6 billion and USDC at $76.3 billion — together 82.5% of supply. The two leading euro tokens, Circle's EURC ($387.9M) and SG-FORGE's EURCV ($105.6M), combine for roughly $572 million, or about 0.18% of the market. Qivalis must close a roughly 450-to-1 liquidity gap before it can contest the rails.
The strategic window is the RWA layer. RWA.xyz shows $33.8…
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