European Banks Unite to Launch Euro Stablecoin Against Dollar Dominance

A consortium of 37 European banks is pushing to launch a euro-denominated stablecoin under the EU's MiCA regulatory framework. The group, called Qivalis, includes major institutions like BBVA, BNP Paribas, and Raiffeisen Bank. Its goal is to build a 24/7 payments infrastructure for the global digital economy.

The move comes in response to concerns that dollar-denominated stablecoins backed by U.S. tech and finance giants will dominate digital payments if Europe doesn't act fast. Qivalis aims to offer a regulated euro stablecoin that can compete with USDC, USDT, and other alternatives.

MERGE Madrid 2026, a financial innovation conference scheduled for October 27-29, is expected to bring together over 3,000 attendees and more than 250 speakers. The event will feature an Institutional Summit on the first day, where banks, regulators, and major corporations will discuss strategic questions.

The stakes are high, as Europe seeks to maintain its monetary sovereignty in the face of growing global cryptocurrency activity. Qivalis' success or failure will be a significant test of European financial institutions' ability to move quickly and effectively in digital asset markets.