25 banks join Qivalis ahead of the launch of the European stablecoin

Does Europe finally want to regain control against the dominance of American stablecoins? The banking consortium Qivalis has just sent a strong signal to the market. With the arrival of 25 new European banks, the euro stablecoin project takes on a new dimension a few months before its planned launch in the second half of 2026.

Qivalis wants to build a European champion of stablecoins

Qivalis, a banking consortium based in Amsterdam, officially announced on May 20 the integration of 25 new European banks into its euro stablecoin project. Among them are heavyweights like ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo. With this new wave of memberships, the network now reaches 37 institutions spread across 15 countries.

The project aims for a launch in the second half of 2026. Its ambition is clear: to create a European digital payment infrastructure capable of competing with the American stablecoin giants like Tether’s USDT or Circle’s USDC.

This rise comes in a very particular context. The global stablecoin market just surpassed 323 billion dollars. Yet, nearly 98% of this market remains dominated by assets backed by the US dollar. For Europe, the challenge becomes as much monetary as strategic.

Spain appears as one of the drivers of this dynamic. Five Spanish institutions have joined the consortium, including Banco Sabadell and Bankinter. This movement confirms the growing interest of European banks in tokenized payments and on-chain financial infrastructures.

Qivalis is also looking to reassure regulators. The project will be developed under the MiCA framework, the European crypto regulation gradually coming into force. The consortium insists on three pillars: compliance, data protection, and financial stability.

This approach strongly contrasts with the sometimes chaotic early days of the crypto sector. Now, banks want to control the stablecoin infrastructure themselves instead of leaving this market to American players or crypto platforms.

MiCA pushes Europe to accelerate against the digital dollar

The development of Qivalis reflects a broader trend. For several months, euro stablecoins have experienced rapid growth thanks to MiCA. Their capitalization has more than doubled in one year, while transaction volumes are growing strongly on Ethereum.

This evolution shows that stablecoins are no longer just for crypto trading. They are becoming tools for payment, treasury, and instant settlement. The tokenization of financial assets is also accelerating this transformation.

At the same time, the United States is moving quickly. The US administration is multiplying discussions around crypto regulation, while BlackRock, PayPal, and Western Union are strengthening their initiatives in tokenized assets and stablecoins.

Against this offensive, Europe is trying to avoid a scenario where the digital dollar would completely dominate on-chain payments. Christine Lagarde remains cautious and still prioritizes the digital euro led by the ECB. But on the ground, European private banks are already advancing at high speed.

The choice of Fireblocks as a technology partner illustrates this desire to build a solid and institutional infrastructure. Custody of digital assets, compliance, and tokenization are becoming central blocks of European finance.

In short, the Qivalis project probably marks a turning point for stablecoins in Europe. Long lagging behind the United States, European banks now seem ready to play a major role in the development of digital financial infrastructures.