Qivalis Adds 25 Banks

Qivalis, a European banking consortium, significantly expanded its membership by adding 25 new banks across 15 countries, bringing its total to 37 institutions. This expansion, which includes major players like ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo, aims to bolster the consortium's plans to launch a regulated euro stablecoin in the second half of 2026. The initiative seeks to establish a European digital payment infrastructure under the European Union's Markets in Crypto-Assets Regulation (MiCA) framework, challenging the current dominance of US dollar-backed stablecoins. Despite caution from the European Union — European Central Bank President Christine Lagarde regarding private stablecoins, banking-led projects like Qivalis are gaining momentum. Qivalis has also partnered with Fireblocks for technology and is pursuing an Electronic Money Institution license from Netherlands — De Nederlandsche Bank. The move signifies a growing interest among European banks in tokenized payments and on-chain financial infrastructures, with figures like Qivalis CEO Jan Sell and Chairman Howard Davies (banker) emphasizing the importance of European principles in digital money.