Europe's Banks Bring Euro Stablecoin to Ethereum in $300B Market Shake-Up

Qivalis, a consortium of 37 European banks from 15 countries, is developing a regulated euro-denominated stablecoin on Ethereum.

The stablecoin will be pegged to the euro and maintain a 1:1 ratio with the fiat currency. It will operate within the framework of the EU's Markets in Crypto-Assets (MiCA) ecosystem, creating a more regulated digital-asset market in Europe.

Before it can enter the market, Qivalis must await an e-money institution (EMI) license from the central bank of the Netherlands. The launch is planned for the second half of 2026.

The choice of public Ethereum is notable, as some banking groups have opted for private or permissioned blockchain technology. Instead, Qivalis chose to go public with its stablecoin, euro, and leverage the established user base and infrastructure on Ethereum.

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.