37 European Banks Unite for Euro Stablecoin Under MiCA Framework

A consortium of 37 European banks is developing a euro stablecoin called Qivalis under the EU's MiCA framework. The stablecoin will be backed 1:1 by euros and issued on the Ethereum public blockchain.

The consortium, which includes 15 countries and 25 new banks added in May, has been working on the project since September 2025 when it was first announced with nine participating banks. Qivalis is targeting a launch in the second half of 2026, but the project remains in its pre-launch stage.

The stablecoin's use case is for regulated financial institutions and blockchain-based payments and settlement. The planned deployment on Ethereum would place Qivalis within the existing network of wallets, applications, and infrastructure.