Euro Stablecoin Project Qivalis Lands Backing From 37 European Banks Including BNP Paribas and UniCredit!

Amsterdam-based euro stablecoin project Qivalis has secured backing from 37 European banks, according to the Financial Times. The coalition includes heavyweights BNP Paribas, ING, UniCredit, ABN AMRO, Intesa Sanpaolo, and Rabobank — a roster that spans the continent's largest retail, commercial, and investment banking franchises.

The project's stated mission is to accelerate euro stablecoin adoption and push back against the overwhelming dominance of dollar-denominated stablecoins. Of the roughly $320 billion in stablecoins currently in circulation, the vast majority are pegged to the US dollar — leaving the euro with a marginal share of a market that increasingly underpins global crypto liquidity and settlement.

With MiCA now in force across the EU, Qivalis enters a regulatory environment that is more prepared to accommodate compliant euro stablecoins than at any prior point. The…