Qivalis adds 25 banks, taking euro stablecoin consortium to 37 members
The Amsterdam-based group is targeting a MiCA-aligned euro stablecoin launch in the second half of 2026.
Qivalis expanded to 37 member institutions after adding 25 banks across 15 countries as it builds a regulated euro stablecoin. The consortium is targeting a second-half 2026 launch and says it has been engaging with crypto exchanges ahead of rollout.
Key Takeaways
- Qivalis added 25 banks across 15 countries, expanding the consortium to 37 member institutions.
- A MiCA-regulated euro stablecoin remains targeted for a second-half 2026 launch.
- New joiners include ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo, with Spain contributing five of the 25 additions.
- US dollar-backed stablecoins represent 98% of the stablecoin market, per CoinGecko data.
Qivalis Jumps to 37 Banks as It Targets a H2 2026 Euro Stablecoin
Qivalis, an Amsterdam-based European banking consortium developing a regulated euro stablecoin, expanded to 37 member institutions after adding 25 new banks across 15 countries.
The consortium reiterated a second-half 2026 launch target for the euro stablecoin and framed the project as building a unified, regulated infrastructure under the EU’s Markets in Crypto-Assets (MiCA) framework.
For traders, the immediate signal is not a near-term listing catalyst. It is the steady accumulation of institutional distribution and potential on and off-ramps for EUR-denominated on-chain settlement, in a market where stablecoin liquidity is still overwhelmingly dollar-centric.
Which Banks Joined—and Why Spain Stood Out
Among the newly named members are ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo, a roster that pulls in recognizable balance sheets across core European markets.
Spain was the most represented country among the 25 new members, adding five institutions: ABANCA, Banco Sabadell, Bankinter, Cecabank and Kutxabank. The consortium’s update also pointed to Brighty data indicating Spain as a leading retail market for Circle’s EURC usage, though no specific metrics or timeframe were provided.
Beyond Spain, the intake was broad. France, Sweden, Greece, the Netherlands, Finland and Ireland each added two new members. Two new Italian banks joined, with Intesa Sanpaolo named among the additions.
The geographic spread matters because it hints at where early EUR stablecoin flows could concentrate if the project reaches issuance. A bank-led stablecoin only becomes relevant to market structure when it can reliably connect local banking rails to exchange and on-chain venues.
MiCA as the Design Constraint for a Bank-Led Euro Stablecoin
Qivalis is positioning the stablecoin as MiCA-aligned from the start, emphasizing regulated issuance and governance rather than a crypto-native growth play. Howard Davies, chairman of Qivalis’ supervisory board, described the approach as values-driven infrastructure: “We are not merely building payment rails. We are ensuring that European principles around data protection, financial stability and regulatory rigour are embedded into the next generation of digital money.”
That posture lands in a market where US dollar-backed stablecoins still account for 98% of the category, per CoinGecko data. Europe’s pitch is compliance and institutional trust. The trade-off is speed, product flexibility, and the time it takes to coordinate across banks.
The policy backdrop is not uniformly supportive. ECB President Christine Lagarde said in early May that stablecoins are not Europe’s best route to strengthening the euro’s international role, pushing back against calls for euro counterparts to dollar stablecoins. The tension is clear: central bank skepticism on one side, bank-led momentum on the other.
Milestones Before Launch: Fireblocks Selection and Exchange Outreach
Qivalis has already moved past concept-stage planning. In March, it selected Fireblocks for tokenization technology, wallet infrastructure and custody, along with tools supporting compliance.
The consortium also said it has been engaging with crypto exchanges ahead of launch, but it did not name venues or specify whether any formal partnerships are in place. Qivalis CEO Jan Sell framed the ambition in explicitly European terms: “The euro is Europe’s currency, and on-chain financial infrastructure should carry it - built by European institutions and governed by European rules.”
Between now and H2 2026, the market will need specifics that determine whether this becomes a usable settlement asset or a regulated pilot with limited float: reserve composition, redemption terms, issuer structure, and which chains and venues will support primary liquidity.
The Tradeable Signal Is EUR On-Chain Rails, Not a 2026 Token Ticker
I treat the jump to 37 banks as a distribution signal, not a price catalyst. When USD stablecoins still sit at 98% share, the bar for a euro stablecoin is not narrative. It is whether it can manufacture real liquidity, tight spreads, and reliable redemption that market makers can underwrite.
The threshold that matters is named exchange and infrastructure partnerships plus concrete design disclosures. If those arrive while membership keeps expanding beyond the current headline banks, the setup starts to look structural rather than narrative-driven, and EUR on-chain rails become the practical payoff.
