Qivalis has expanded its euro stablecoin consortium to 37 European banks after adding 25 new lenders, with ABN Amro, Intesa Sanpaolo, Rabobank, and Luxembourg's state-owned Spuerkeess among the latest entrants. The group, which launched in December 2025 with 12 founding members including BNP Paribas, ING, and UniCredit, is building a bank-supported onchain euro settlement network and plans to issue a stablecoin backed 1:1 by euros and high-quality liquid assets held by regulated custodians.
Domiciled in Amsterdam, Qivalis is pursuing an electronic money institution licence from De Nederlandsche Bank, with CEO Jan-Oliver Sell telling the Financial Times the group anticipates approval in the second half of this year and aims to go live immediately upon receiving it.
The push comes against a stark backdrop: dollar-pegged stablecoins now exceed $301 billion in total supply, while euro…
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