A major step has just been taken in the world of digital finance. Qivalis, a consortium of Europe’s leading banks developing a regulated, euro-backed stablecoin, announced that 25 new banks have joined its project. With this expansion, the consortium now brings together 37 financial institutions from 15 countries. Noteworthy participants include industry giants such as ABN AMRO, Rabobank, Intesa Sanpaolo, Nordea, Erste Group, and the National Bank of Greece.
New era for euro-backed stablecoins
The growing Qivalis partnership underlines European banks’ increasing interest in blockchain-based financial technologies. In recent years, major financial institutions and asset managers have focused heavily on the secure solutions offered by digital assets and tokenization. Stablecoins, which maintain a one-to-one value with real assets or fiat currencies, are emerging as the key drivers of payments and asset transfers in this transformation process.
Currently, euro-based stablecoins have only a small share of the global stablecoin market. USDT from Tether and USDC from Circle Internet together account for more than 80 percent of the market’s volume. The total global stablecoin market is estimated at around $318 billion.
Vision of European banks
With the Qivalis initiative, financial institutions in Europe aim to strengthen the role of euro-backed stablecoins in trade and payment infrastructure. This move could increase diversity and competition in a market currently dominated by US dollar-backed stablecoins.
Qivalis announced that its euro stablecoin, which has yet to launch, is scheduled to go live under the European Union’s Markets in Crypto-Assets (MiCA) regulations—which are set to take effect in the second half of 2026. Furthermore, the consortium is in the process of applying for an Electronic Money Institution (EMI) license from the Dutch central bank.
Glossary: The MiCA regulation is the European Union’s comprehensive framework for the crypto asset market. It introduces licensing requirements for platforms and issuers, stablecoin rules, and investor protections. Phased implementation begins in 2024 to provide legal clarity and security for digital assets.
Market growth potential
Analysts expect the market share of euro-based regulated stablecoins to increase rapidly in the coming years. According to S&P Global Ratings, today’s euro stablecoin market volume of about €770 million ($895 million) could reach €1.1 trillion by 2030. The ongoing digitization of financial assets (tokenization) and rising institutional interest stand out as main drivers for this growth.
| Leading stablecoins | Currency backing | Global market share (%) | Regulatory oversight |
|---|---|---|---|
| USDT (Tether) | US Dollar | ~70 | US/Offshore |
| USDC (Circle) | US Dollar | ~15 | US |
| Qivalis | Euro | Growing internally | European Union (planned) |
Howard Davies, Chair of the Qivalis Supervisory Board, emphasized that this infrastructure is essential for Europe to compete in the global digital economy and preserve its strategic autonomy.
Through this regulated euro stablecoin initiative, European banks seek to open the doors to a new phase in the digitalization of the continent’s economy. In the near term, they are laying the foundations for closely monitored, secure, functional, and fully euro-backed digital assets.
