Qivalis Adds 25 Banks to Euro Stablecoin Project

Qivalis, the MiCAR-compliant euro stablecoin project, says that the project has taken a “massive leap forward” with the addition of no less than 25 Europen banks, bringing the consortium to 37 financial institutions.

The project, which is due to launch in the second half of this year, says that Abanca, ABN Amro, AIB, Banco Sabadell, Bank of Ireland, Bank Pekao, BankInter, Banque et Caisse d’Épargne de l’État, Crédit Mutueal, Alliance Fédérale, BPER Banca, Cecabank, Erste Group, Groupe BPCE, Handelsbanken, Helaba, Intesa Sanpaolo, Jyske Bank, Kutxabank, Landsbankinn, National Bank of Greece, Nordea, OP Pohjola, Piraeus, Rabobank and Swedbank are the new members.

Designed as a MiCA-compliant, De Nederlandsche Bank-supervised, 1:1 euro-backed stablecoin, Qivalis says it will issue the token within a fully bank-led ecosystem governed by European regulation, ensuring European businesses will be able to transact in euros on-chain from day one. This will ensure, the consortium says, that “the euro has a native, regulated on-chain presence in the tokenised financial system”.

Qivalis adds, “Blockchain technology creates new opportunities for innovation, efficiency, and digital asset markets. European businesses and customers should benefit from all of it. That requires a trusted on-chain payment rail.”