European Banks Unite to Build Next-Gen Digital Money

The European banking sector is taking steps to secure its position in the next great financial transformation by developing its own digital money. The initiative, driven by a consortium of 37 European financial institutions known as Qivalis, aims to provide a payments and instant-settlement infrastructure for an increasingly digital economy.

The project, which is regulated under the MiCA framework, will offer a euro-denominated stablecoin that meets the needs of citizens, businesses, and artificial-intelligence agents in the future. Several major banks have already confirmed their participation in MERGE Madrid 2026, including BBVA, Cecabank, BNP Paribas, Banca Sella, Raiffeisen Bank, and Piraeus Bank.

The rise of stablecoins has fueled a global financial battle among banks, technology companies, and payment networks. While Europe explores initiatives like Qivalis, other organizations are advancing alternative projects backed by leading financial and technology institutions.