Sophia Bennett
Crypto Analyst
Europe has had enough of watching the dollar dominate digital finance. A growing coalition of the continent's biggest banks just made that frustration official, and they are now moving fast.
European stablecoin consortium Qivalis tripled its membership to 37 banks across Europe as lenders accelerated their move into blockchain‑based finance. The expansion brings the consortium to 37 financial institutions spanning 15 European countries. New members include ABN AMRO, Rabobank, Intesa Sanpaolo, Nordea, Erste Group and National Bank of Greece.
This is no longer a small pilot group. It is a pan‑continental banking coalition with real firepower behind it.
A Launch Date Is Now on the Calendar
The group plans to debut its euro‑backed stablecoin in the second half of 2026 under the EU's Markets in Crypto‑Assets framework. It is also seeking an electronic money institution licence from the Dutch central bank.
The consortium has established a new company in the Netherlands. Each member bank will be able to offer its clients wallets, custody, and related services connected to the digital token, designed to enable instant, low‑cost transactions, programmable payments, and 24/7 cross‑border settlement.
The infrastructure is being built. The regulatory path is being cleared. The second half of 2026 is now a firm target.
The Problem Qivalis Is Trying to Fix
The numbers tell the story plainly, and they are deeply uncomfortable for European policymakers.
The effort reflects a broader push by European banks to expand the use of euro‑denominated stablecoins and reduce dominance of US dollar‑backed tokens, which currently account for about 99% of the global stablecoin market. The total stablecoin market capitalisation is about $318 billion, dominated by Tether's USDT and Circle's USDC. Together they account for more than 80% of the total.
Circle's EURC dominates the European stablecoin market with over 50% share. The euro accounts for only a fraction of global stablecoin supply, leaving European regulators and financial institutions eager to level the playing field. This imbalance highlights the absence of a scalable euro alternative rather than a lack of demand.
Strategic Autonomy Is the Real Goal
Qivalis chairman Howard Davies put the stakes plainly.
"This infrastructure is essential if Europe is to compete in the global digital economy whilst preserving its strategic autonomy," said Howard Davies, chairman of Qivalis' supervisory board.
The growing argument is that to remain relevant, Europe must respond by promoting euro‑denominated stablecoins of its own. Otherwise, it faces a future of digital dollarisation and a loss of monetary sovereignty.
That is not a crypto‑native argument. It is a geopolitical one, and it is increasingly being made by finance ministers and central bankers, not just technologists.
A Trillion‑Euro Market by 2030
The ambition behind Qivalis is backed by projections that make the potential scale hard to ignore.
S&P Global Ratings projected that the euro stablecoin market could grow from roughly 770 million euros today to as much as 1.1 trillion euros by 2030, driven largely by tokenised finance and institutional adoption.
That is a 1,400‑fold increase from where things stand today, if the infrastructure gets built, the regulation holds, and adoption follows.
Citi Is Already at the Table
One detail that has gone relatively unnoticed is the presence of a major American bank inside the coalition.
In early October 2025, Citigroup joined the European consortium, becoming the only non‑European bank in the group. Citi described its participation as part of a broader effort to expand its blockchain capabilities and connect traditional finance with regulated digital money.
A US bank helping European lenders build a euro stablecoin to challenge dollar dominance is a remarkable detail. It is also a sign of just how seriously the global financial establishment is taking this shift.
What Comes Next
Qivalis is not the only initiative moving. A separate consortium of banks including ING, UniCredit and BNP Paribas is also preparing a Swiss‑franc stablecoin for the second half of 2026.
The race for European digital currency infrastructure is now a multi‑horse race, and the finish line is the same for all of them: a regulated, trusted, euro‑denominated alternative to the dollar‑backed tokens that currently run the global stablecoin economy.
Europe is late. But with 37 banks and a launch window now confirmed, Qivalis is moving with urgency. Whether it can shift a market that is 99% dollar‑denominated is the question the second half of 2026 will start to answer.