Pan-European stablecoin effort expands to 37 lenders in push back against U.S. dollar dominance
TL;DR
Qivalis has expanded its euro stablecoin initiative to 37 banks across 15 European countries, tripling its membership. This move aims to reduce reliance on U.S. dollar-backed stablecoins, which dominate the global market.
Key points
- Qivalis expands to 37 banks in Europe
- New members include major banks like ABN AMRO and Rabobank
- Aims to reduce U.S. dollar dominance in stablecoins
- Stablecoin market capitalization is about $318 billion
- Tether's USDT and Circle's USDC dominate the market
Mentioned in this story
QivalisABN AMRORabobankIntesa SanpaoloNordeaErste GroupNational Bank of Greece
Circle
Qivalis, a group of European banks building a regulated euro stablecoin, said Wednesday that 25 more lenders joined the initiative, more than tripling its membership as banks across the region deepen their push into blockchain finance.
The expansion brings the consortium to 37 financial institutions spanning 15 European countries. New members include ABN AMRO, Rabobank, Intesa Sanpaolo, Nordea, Erste Group and National Bank of Greece.
The expansion comes as tokenization gains traction among large financial institutions and asset managers, with stablecoins — crypto tokens whose value is pegged to a traditional asset such as a fiat currency — playing a key role in settlement and asset trades on blockchain rails.
The effort also reflects a broader push by European banks to expand the use of euro-denominated stablecoins and reduce dominance of U.S. dollar-backed tokens, which currently account for about 99% of the global stablecoin market.
The total stablecoin market capitalization is about $318 billion, dominated by Tether's USDT and Circle Internet's (CRCL) USDC. Together they account for more than 80% of the total.
Read more: Non-dollar stablecoins are struggling to crack 0.5% of market share
By building a regulated euro-based alternative, Qivalis aims to strengthen the single currency's role in digital payments and tokenized finance as blockchain settlement gains traction among institutions.
"This infrastructure is essential if Europe is to compete in the global digital economy whilst preserving its strategic autonomy," said Howard Davies, chairman of Qivalis' supervisory board.
The group plans to debut its euro-backed stablecoin in the second half of 2026 under the EU's Markets in Crypto-Assets (MiCA) framework. It is also seeking an electronic money institution (EMI) license from the Dutch central bank.
With initiatives like Qivalis, euro stablecoins are projected to grow rapidly over the next few years. S&P Global Ratings projected that the euro stablecoin market could grow from roughly 770 million euros ($895 million) today to as much as 1.1 trillion euros by 2030, driven largely by tokenized finance and institutional adoption.
Q&A
What is the purpose of the Qivalis euro stablecoin initiative?
The Qivalis euro stablecoin initiative aims to create a regulated euro stablecoin to reduce the dominance of U.S. dollar-backed tokens in the global market.
Which banks recently joined the Qivalis stablecoin consortium?
Recent members include ABN AMRO, Rabobank, Intesa Sanpaolo, Nordea, Erste Group, and the National Bank of Greece.
How many banks are now part of the Qivalis initiative?
The Qivalis initiative now includes 37 financial institutions from 15 European countries.
