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Qivalis Wins Backing From 37 European Banks for Planned Euro Stablecoin

Qivalis Wins Backing From 37 European Banks for Planned Euro Stablecoin

Qivalis has added 25 banks to its euro stablecoin consortium, bringing total backing to 37 as European lenders seek stronger regional digital payment infrastructure and reduced reliance on dollar-based stablecoins.

Fact Check
The claim is directly confirmed by Qivalis's own official X post (@qivaliseu, May 20, 2026), which is the primary source and explicitly states '25 new banks have joined Qivalis today – bringing our consortium to 37 major institutions' with a H2 2026 launch target. This is independently corroborated by three credible crypto/financial news outlets - CoinDesk, The Block, and crypto.news - all published on the same date with consistent figures (37 total banks, 25 new additions, 15 countries, H2 2026 launch). Named institutions such as ABN AMRO, Rabobank, Intesa Sanpaolo, and Nordea are cited across multiple sources. There are no conflicting reports. The only minor residual uncertainty (0.02) reflects the fact that the FT article, while corroborating the 37-bank figure, is paywalled and could not be fully verified.
Summary

Qivalis has expanded its planned euro stablecoin consortium by adding 25 banks, bringing the total number of participating lenders to 37. The project, backed by banks including BNP Paribas, ING, and UniCredit, aims to launch a regulated euro-pegged stablecoin in the second half of 2026 with 1:1 reserve backing. The expansion comes as European policymakers review MiCA and as banks and industry groups push for stronger euro-denominated digital asset infrastructure to counter the dominance of U.S. dollar-backed stablecoins in crypto markets.

Terms & Concepts
  • MiCA: The EU’s Markets in Crypto-Assets regulation, which sets rules for crypto assets, issuers, and service providers across the European Union.
  • Euro stablecoin: A stablecoin pegged to the euro, designed to maintain a stable value for payments, settlement, or other blockchain-based financial uses.
  • Stablecoin: A cryptocurrency designed to hold a steady value, usually by being linked to a fiat currency and supported by reserves or similar backing.