Euro Stablecoin Consortium Launches on Ethereum

A consortium of 37 European banks, called Qivalis, is developing a regulated euro-denominated stablecoin on the public Ethereum network. The stablecoin will be pegged to the euro, maintaining a 1:1 ratio with the fiat currency. This move could bring significant liquidity into the DeFi industry on Ethereum and provide a regulated pathway for European financial institutions to enter on-chain markets.

Qivalis is building its stablecoin within the framework of the EU's Markets in Crypto-Assets (MiCA) ecosystem, which aims to create a more regulated digital-asset market in Europe. The project has received an e-money institution license from the Dutch central bank and is targeting a launch in the second half of 2026.

The choice of public Ethereum for this project is notable, as some banking groups have opted for private or permissioned blockchain technology. By choosing to go public, Qivalis can integrate directly with existing on-chain infrastructure and tap into the established user base, decentralized exchanges, and DeFi applications on Ethereum.