Qivalis expanded to 37 banking members as its MiCA-compliant euro stablecoin targets a 2026 launch.
Qivalis, an Amsterdam-based banking consortium, has grown to 37 member institutions after onboarding 25 new banks across 15 countries, bringing its euro stablecoin project closer to a planned 2026 launch.
The latest additions include ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo. Spain contributed the largest share of new entrants, with five institutions joining, including ABANCA, Banco Sabadell, Bankinter, Cecabank and Kutxabank.
France, Sweden, Greece, the Netherlands, Finland, and Ireland each added two new members, while Italy contributed two more, reflecting a broad spread of participation across both northern and southern Europe.
Qivalis CEO Jan Sell said the euro is Europe's currency and that on-chain financial infrastructure should carry it, built by European institutions and governed by European rules. Howard Davies, chairman of the supervisory board, said data protection, financial stability, and regulatory rigor should be embedded into the next generation of digital money.
The consortium is building its stablecoin under the European Union's MiCA framework. In March, Qivalis selected digital asset custody provider Fireblocks for tokenization technology, wallet infrastructure, custody, and compliance tooling.
The initiative is advancing despite pushback from the 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, and cautioned against building euro counterparts to dollar-backed stablecoins.
Spain's involvement carries added significance given recent data from Brighty pointing to the country as a leading retail market for Circle's EURC usage. The new membership wave adds institutional weight to the continent's broader push toward regulated euro-denominated digital currency.
Qivalis has also been engaging with crypto exchanges ahead of the planned launch, which remains on track for the second half of 2026.
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