Qivalis, a European banking consortium building a regulated euro stablecoin, has expanded to 37 member institutions after adding 25 new banks across 15 countries. New members include ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo.
Howard Davies, chairman of Qivalis' supervisory board, said the group is embedding European principles around data protection, financial stability, and regulatory rigor into the next generation of digital money.
Spain leads the new wave with five institutions - including ABANCA, Banco Sabadell, Bankinter, Cecabank, and Kutxabank - alongside growing retail adoption of euro stablecoins like Circle's EURC.
Two banks each from Italy, France, Sweden, Greece, Netherlands, Finland, and Ireland also joined. The consortium targets a second-half 2026 launch under the EU's MiCA framework.
This push continues despite ECB President Christine Lagarde's recent statement that stablecoins are not Europe's best route to strengthen the euro's global role. Qivalis has selected Fireblocks for tokenization and custody technology.