Euro stablecoin project Qivalis adds 25 banks ahead of launch

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Source: Qivalis Two new Italian banks joined the consortium. France, Sweden, Greece, the Netherlands, Finland and Ireland each added two new members as well, highlighting broad participation across northern and southern Europe. The diversified expansion strengthens Qivalis’ goal of creating a unified, regulated euro stablecoin infrastructure under the European Union's Markets in Crypto-Assets (MiCA) framework. The consortium’s plans come at a time of renewed debate in Europe over the role of private stablecoins in supporting the euro’s global position. European Central Bank (ECB) President Christine Lagarde said in early May that stablecoins are not Europe’s best route to strengthening the euro’s international role, pushing back against calls to respond to US dollar-backed stablecoins with euro counterparts. Despite that stance, banking-led initiatives like Qivalis continue to gain momentum as institutions seek regulated alternatives to dollar stablecoins. Related: Augustus CEO says banks can’t rebuild for AI and stablecoins The consortium has been engaging with crypto exchanges ahead of a planned euro stablecoin launch. In March, Qivalis selected digital asset custody provider Fireblocks for tokenization technology, wallet infrastructure and custody, along with tools supporting compliance. “The euro is Europe’s currency, and on-chain financial infrastructure should carry it - built by European institutions and governed by European rules,” Qivalis CEO Jan Sell said. Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles More on the subject

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