Twenty-five additional banks have joined a European consortium working to launch a euro-pegged stablecoin later this year, bringing the total membership to 37 financial institutions across 15 countries.
The consortium, which established an Amsterdam-based entity called Qivalis last year, now counts ING, BNP Paribas, BBVA, ABN Amro, Rabobank, Sabadell, Bankinter, Bank of Ireland, Handelsbanken, and Nordea among its members a sign that Europe's financial establishment is moving from observation to action.
"The euro is Europe's currency, and on-chain financial infrastructure should carry it - built by European institutions and governed by European rules," said Qivalis CEO Jan-Oliver Sell.
The move reflects a broader shift underway across the financial industry. Traditional lenders are facing mounting pressure to find practical applications for digital asset technology within their own businesses, as the crypto industry increasingly encroaches on territory once considered firmly in the domain of banks.
Stablecoins, cryptocurrencies pegged to a fiat currency, have grown rapidly in recent years, with the market currently dominated by Tether and Circle, whose dollar-pegged tokens have approximately $190 billion and $77 billion in circulation respectively. The scale of that dollar-denominated market is part of what is driving European institutions to act.
With 37 institutions now aligned behind a common framework, Qivalis represents the most coordinated European effort yet to establish a credible euro presence in digital finance.
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