Qivalis, the Amsterdam-based consortium building a euro-denominated stablecoin, has grown to 37 member institutions after adding 25 banks from 15 European countries. The expansion, announced May 20, includes major lenders such as ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo, marking a significant step in Europe’s push to create regulated alternatives to dollar-backed stablecoins.
Spain contributed the largest share of new members, with ABANCA, Banco Sabadell, Bankinter, Cecabank, and Kutxabank joining, reflecting rising demand for euro-based digital assets in the country. Other additions came from France, Sweden, Greece, the Netherlands, Finland, Ireland, and Italy, broadening the consortium’s geographical reach.
Howard Davies, chair of Qivalis’ supervisory board and former NatWest chair, emphasized that the initiative embeds European principles like data protection and financial stability into the next generation of digital money. CEO Jan Sell added that the consortium’s goal is to keep Europe’s on-chain financial infrastructure tied to the euro, governed by European rules.
The consortium, originally formed earlier this year by ten banks including BNP Paribas, ING, and UniCredit, is seeking licensing as an Electronic Money Institution from the Dutch central bank and plans a MiCA-compliant stablecoin launch in the second half of 2026. In March, Qivalis selected Fireblocks to provide tokenization technology, custody, and wallet infrastructure. The move comes despite ECB President Christine Lagarde’s caution about private stablecoins, as European banks continue advancing projects under the MiCA regulatory framework.
