Qivalis Euro Stablecoin Project Grows to 37 Banks, Targets Public Ethereum Launch
The Qivalis euro stablecoin project has grown to include 37 banks across 15 European countries, making it one of the largest consortiums in the region. The project began as a nine-bank initiative announced in September 2025, with BNP Paribas joining in December and DZ BANK following in January 2026. The group expanded significantly in May 2026 when 25 more banks joined, bringing the total to 37.
Qivalis has chosen to issue its token on public Ethereum, rather than a private ledger. This decision allows the project to tap into existing liquidity and trading volumes on the Ethereum network, which currently hosts approximately 69.5% of all euro stablecoin supply. Fireblocks will provide the tokenization engine, custody, and treasury infrastructure for Qivalis.
The launch of Qivalis is contingent upon receiving a license from De Nederlandsche Bank (DNB), the Dutch central bank. The regulator has published no review timeline, leaving the exact launch date uncertain. Once approved, Qivalis will operate as an electronic money institution under MiCA regulations, which require issuers to hold reserves backing the token one-to-one and redeem at par on demand.
The European stablecoin market is expected to continue growing, with euro-denominated tokens crossing $810 million in August 2026. However, they still account for less than 0.3% of the total stablecoin market capitalization, which stands near $308 billion. Qivalis will face competition from existing euro stablecoins, including Circle's EURC and Societe Generale's SG-Forge.