European Banks Unite for Stablecoin Initiative to Challenge Dollar Dominance
Pan-European stablecoin effort expands to 37 lenders in push back against U.S. dollar dominance
Image: Coindesk
The Qivalis initiative, a consortium of European banks, has expanded to 37 members aiming to launch a euro-backed stablecoin by late 2026. This effort seeks to enhance the euro's role in digital finance and reduce reliance on U.S. dollar-backed stablecoins, which dominate the market.
- 01Qivalis has increased its membership from 12 to 37 banks across 15 European countries, including ABN AMRO and Intesa Sanpaolo.
- 02The consortium aims to issue a MiCA-compliant euro stablecoin by the second half of 2026.
- 03Currently, U.S. dollar-backed stablecoins account for about 99% of the global stablecoin market, valued at approximately $318 billion.
- 04S&P Global Ratings predicts the euro stablecoin market could grow from €770 million ($895 million) to €1.1 trillion by 2030.
- 05The initiative reflects a broader trend among European banks to enhance the euro's presence in digital payments and tokenized finance.
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The Qivalis initiative, which aims to create a regulated euro stablecoin, has expanded its membership to 37 banks across 15 European countries. This move is part of a broader strategy to enhance the euro's role in digital finance and counter the dominance of U.S. dollar-backed stablecoins, which currently hold about 99% of the global stablecoin market, valued at approximately $318 billion. Notable new members include ABN AMRO, Rabobank, and Intesa Sanpaolo. The consortium plans to launch its euro stablecoin in compliance with the EU's Markets in Crypto-Assets (MiCA) framework by the second half of 2026. S&P Global Ratings forecasts that the euro stablecoin market could grow from €770 million (about $895 million) today to as much as €1.1 trillion by 2030, driven by increasing institutional adoption and the rise of tokenized finance. Howard Davies, chairman of Qivalis, emphasized the need for this infrastructure to maintain Europe's competitiveness in the global digital economy.
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The introduction of a euro stablecoin could significantly alter the landscape of digital payments in Europe, providing consumers and businesses with a viable alternative to U.S. dollar-backed options.
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