Europe's 12 major banks are joining forces to create a euro-backed stablecoin, aiming to counter the U.S. dollar’s dominance in digital finance.
Jan-Oliver Sell, CEO of Qivalis-a bank-backed stablecoin project-warned that without a euro on blockchain, the continent risks losing financial sovereignty to the U.S. dollar.
Currently, the euro comprises just 0.2% of blockchain transactions despite representing 20% to 25% of global financial activity.
Qivalis, backed by ING, UniCredit, and BBVA, plans to launch a MiCA-compliant stablecoin in the second half of 2026. Its goal is to become the default euro token in global crypto markets.
Unlike the European Central Bank’s digital euro-which targets public payment infrastructure-Qivalis is focused on private, decentralized use cases like cross-border payments and DeFi.
Sell emphasized that the project aims to avoid fragmentation and build a liquid, interoperable euro stablecoin ecosystem.
As stablecoins evolve into core financial infrastructure, Qivalis hopes to offer European users a way to avoid foreign exchange risk and reduce reliance on dollar-denominated assets.
This effort underscores a broader push for European digital autonomy, as more financial activity shifts to blockchain-based systems.