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A growing coalition of European lenders is betting that stablecoins can strengthen the continent’s position in digital finance, with Amsterdam-based joint venture Qivalis adding 25 banks to its euro stablecoin initiative.
European banks grow Euro Stablecoin ambitions
The project now counts 37 financial institutions from 15 countries among its supporters, underlining the banking sector’s determination to establish a European alternative to dollar-dominated digital assets.
Backers now include major institutions such as ABN AMRO, ING, BNP Paribas, BBVA, Rabobank and Nordea.
The consortium is currently awaiting electronic money institution authorisation from the Dutch central bank ahead of a planned commercial launch in the second half of 2026.
Beyond Traditional Payments
Qivalis executives are keen to stress that the initiative is not designed to replace Europe’s existing payments infrastructure. SEPA transfers and domestic instant payment schemes already function efficiently across much of the continent.
Instead, the consortium sees stablecoins as a tool for areas where conventional banking rails remain comparatively slow, costly or operationally fragmented.
The project’s proposed euro-linked token would primarily target cross-border transactions, blockchain-based settlement and the emerging market for tokenised financial assets.
In practical terms, this could allow businesses to move money internationally with near-instant settlement, regardless of banking provider or operating hours.
Chief executive Jan-Oliver Sell has also indicated that discussions are under way with non-European banks in regions receiving significant remittance flows from Europe, suggesting ambitions beyond the EU’s borders.
Europe’s Digital Sovereignty Challenge
The initiative also reflects mounting concern within European finance over American dominance in digital payments and crypto infrastructure. Dollar-backed stablecoins issued by firms such as Tether and Circle continue to dominate global markets.
Yet questions remain over whether genuine demand exists for euro-denominated stablecoins. Earlier attempts, including one launched by Société Générale’s crypto division SG-FORGE, have so far struggled to achieve meaningful scale.
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