Qivalis, a European issuer developing a euro stablecoin for trade finance and cross-border settlement, has added 37 European banks as customers over the past year and expanded its workforce from one employee to 40. CEO Jan-Oliver Sell said the company is pursuing an Electronic Money Institution license in the Netherlands and aims to issue a regulated euro-denominated stablecoin by the end of 2026. The project is focused on the Europe-Asia trade corridor, valued by the consortium at roughly $5 trillion in annual flows, while also targeting potential demand in Asia, Latin America and Africa. Sell said stablecoins can move collateral and payments across borders without requiring conversion into fiat currency, potentially reducing transfer times from days to minutes. Qivalis is structured as an electronic money token under the European Union's Markets in Crypto-Assets Regulation, with at least 40% of reserves planned for bank deposits and the remainder for high-quality euro-area sovereign bonds.