European Banks Unite for Euro Stablecoin on Ethereum
A group of 37 European banks, known as Qivalis, is working on creating a euro-denominated stablecoin on the Ethereum network. The project aims to bring a significant piece of European bank-issued digital money into the same blockchain ecosystem where stablecoins and DeFi already have deep liquidity.
The stablecoin will be pegged to the euro, maintaining a 1:1 ratio with the fiat currency. It's being developed within the framework of the EU's Markets in Crypto-Assets (MiCA) ecosystem, which will create a more regulated digital-asset market in Europe.
The project is still awaiting an e-money institution (EMI) license from the central bank of the Netherlands, a major regulatory measure that Qivalis is waiting for. It's planned to launch in H2 2026.