European Banks Unite to Launch Euro Stablecoin for Trade Finance
A consortium of 37 banks in Europe has formed Qivalis to create a euro stablecoin that can compete globally. The joint venture aims to issue a euro-pegged electronic money token on the public Ethereum blockchain in the second half of 2026, pending regulatory approval from De Nederlandsche Bank.
The project targets the $5 trillion Europe-Asia trade corridor and plans to keep at least 40% of its backing in bank deposits, with the remainder held in high-quality euro-area sovereign bonds. Qivalis has selected Fireblocks as its technology partner for tokenization and compliance infrastructure.
The consortium's goal is to compress multi-day timelines and reduce counterparty risk in trade finance by providing an on-chain euro settlement layer. With 37 banks as stakeholders, Qivalis brings a built-in distribution network of institutions that would use the token in their daily operations.