Euro Stablecoin Consortium Launches on Ethereum: 37 Banks Behind Qivalis Token
A consortium of 37 European banks has formed a joint venture called Qivalis to issue a euro stablecoin on the Ethereum blockchain. The token, which will be backed by euros held in bank deposits and highly liquid assets, is expected to launch in the second half of 2026.
The choice of Ethereum as the platform for the token is significant because it means that anyone can hold the token in their own wallet, without needing permission from the issuing banks. This is a departure from the usual practice of issuing stablecoins on closed permissioned chains, where control over who can hold the token remains with the issuer.
The Qivalis consortium includes leading German institutions such as DekaBank, DZ BANK, and Helaba, as well as other major banks from 15 countries. The managing director of Qivalis is Jan-Oliver Sell, and the supervisory body is chaired by Sir Howard Davies.