European Banks Build Euro Stablecoin on Ethereum Blockchain
A consortium of 37 major European banks, including four prominent Italian banks like UniCredit, Intesa Sanpaolo, BPER, and Banca Sella, are building a euro stablecoin. The news that emerged on September 8 is crucial: this euro stablecoin will be issued on the public Ethereum blockchain, not on a closed, private ledger.
This decision marks a turning point in the relationship between traditional finance and public blockchains. Qivalis, built for institutional-scale on-chain payments and settlement, starting on Ethereum with multi-chain support envisioned as adoption grows.
The banks' choice of a public blockchain like Ethereum is strategic: by building their digital currency in an open environment where liquidity, users, exchanges, and decentralized finance applications already exist, they can integrate directly with existing wallets, protocols, and assets. This shift represents a recognition of the value of public infrastructure.