Qivalis Grows Euro Stablecoin Consortium to 37 Banks

Qivalis expanded its euro stablecoin consortium to 37 banks after adding 25 new lenders, including ABN Amro, Intesa Sanpaolo, Rabobank and Luxembourg state-owned Spuerkeess. The group is seeking an e-money license from De Nederlandsche Bank to issue a euro-denominated stablecoin and is domiciled in Amsterdam.

The consortium plans a 1:1 euro-backed token and is pursuing regulatory approval in the Netherlands with the intention to launch once authorized. Qivalis launched in December 2025 with 12 founding banks, among them BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, DekaBank, KBC, Raiffeisen Bank International, SEB and Banca Sella. The expansion increases membership to 37 banks across Europe.

Qivalis intends to operate as an electronic money institution and to issue a stablecoin fully backed 1:1 by euros and high-quality liquid assets held by regulated custodians. Participating banks will provide on-chain settlement services and custody arrangements will rely on regulated custodians.

The company expects to receive the Dutch license in the second half of the year and plans to begin issuance immediately upon approval, according to CEO Jan-Oliver Sell.

The consortium wrote on social media that it aims to “lay the European financial rails of the future.”

Dollar-pegged stablecoins account for the bulk of tokenized fiat liquidity, with global supply above $300 billion led by USDT at about $190 billion and USDC at roughly $77 billion. Euro-pegged stablecoins remain a small portion of the market, with total euro stablecoin capitalization near $896 million and the largest euro tokens holding hundreds of millions each.

French finance minister Roland Lescure described the small volume of euro-pegged stablecoins as unsatisfactory and expressed support for the Qivalis initiative, urging banks to explore tokenized deposits. European Central Bank President Christine Lagarde warned that increasing use of dollar stablecoins in Europe raises concerns about greater dollar dependency.

The expanded membership includes retail, wholesale and state-owned lenders across France, Germany, the Nordics and Southern Europe. Qivalis frames the project as a regulated, bank-backed option for euro payments and liquidity management within the euro area.