Qivalis, a consortium of 37 banks across 15 European countries, plans to issue a euro stablecoin on Ethereum’s public blockchain in the second half of 2026. The stablecoin is planned to maintain a 1:1 value with the euro under the European Union’s Markets in Crypto-Assets regulation, or MiCA. Qivalis is seeking authorization from De Nederlandsche Bank to operate as an Electronic Money Institution, and has not yet launched publicly. A Pharos tracker lists a possible launch in the fourth quarter of 2026. The project’s use of Ethereum would connect a regulated bank-backed asset to existing wallets, applications and onchain infrastructure, although its final reserve structure, distribution model and institutional support remain undisclosed. Dollar-pegged stablecoins account for about 99.5% of the roughly $300 billion global stablecoin market, leaving euro-denominated assets with a much smaller share.