Qivalis, a consortium set up to issue a euro-denominated stablecoin, has added 25 new member banks as it works towards a planned launch.
In a LinkedIn post, Qivalis said 25 European banks have joined the initiative. The consortium now includes “37 major financial institutions from 15 European countries”.
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New members include Dutch lenders ABN Amro and Rabobank and Spanish banks Banco Sabadell and Bankinter.
Other banks joining include Bank of Ireland, Sweden’s Handelsbanken and Finland’s Nordea, among others.
Existing participants in the initiative include ING, BNP Paribas and BBVA.
Qivalis said in the post: “The architecture of tomorrow’s financial operating system is being assembled today. 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. At Qivalis, we are building it.”
Stablecoins are cryptocurrencies linked to fiat currencies and are commonly used in crypto trading. Their overall market has expanded in recent years.
Dollar-pegged stablecoins remain the largest segment, led by Tether and Circle, Reuters reported. The companies have around $190bn and $77bn in circulation, respectively.
Euro-pegged stablecoins have seen more limited issuance to date. Qivalis is among several initiatives focused on euro-denominated on-chain settlement.
Qivalis expects to receive authorisation from the Dutch central bank “shortly” to operate as an e-money institution. The consortium plans to begin issuing its stablecoin in the second half of this year, once regulatory and technical work is completed.
The token will be backed by euro reserves at a 1:1 ratio and aligned with the EU’s Markets in Crypto-Assets Regulation (MiCA).
Possible use cases of the stablecoin will include low-cost instant cross-border payments that could be available 24/7, with an option to schedule transfers. Additionally, it could support settlement for tokenised and digitalised assets, such as bonds, automatically, thereby reducing counterparty credit risk.
Qivalis CEO Jan-Oliver Sell said: “We are thrilled to welcome 25 new partners to the Qivalis consortium.
“This expansion marks a giant leap toward an open and compliant on-chain ecosystem for the euro and shows that the majority of European institutions have already prioritised euro-native on-chain settlement in their digital asset journey.
“The euro is Europe’s currency, and on-chain financial infrastructure should carry it – built by European institutions and governed by European rules.”
