In a significant stride toward the launch of a regulated euro stablecoin, Qivalis has broadened its reach by incorporating 25 banks from 15 countries into its consortium, bringing the total number of members to 37. The announcement, made on Wednesday, underscores the consortium's ambition to establish a robust digital currency platform under the European Union’s Markets in Crypto-Assets (MiCA) framework.
The latest additions include prominent institutions such as ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo, all of which are set to play pivotal roles in the development of Qivalis’ proposed stablecoin. Aiming for a launch in the latter half of 2026, the consortium is positioning itself as a formidable alternative in a market currently dominated by US dollar-backed stablecoins.
Spain Takes the Lead in New Membership
Spain stands out as the most represented nation in this latest expansion, contributing five new banks to the consortium, including ABANCA, Banco Sabadell, Bankinter, Cecabank, and Kutxabank. This surge aligns with increasing interest in euro-denominated stablecoins, as indicated by Brighty data, which reveals that Spain is becoming a leading retail market for Circle’s EURC.
Widespread European Participation
The addition of two new banks from Italy enriches the consortium’s diverse landscape, while countries such as France, Sweden, Greece, the Netherlands, Finland, and Ireland each welcomed two new members, reflecting an expansive commitment to a unified, regulated euro stablecoin infrastructure across Europe.
As banking institutions from both northern and southern Europe rally around this initiative, Qivalis aims to bolster financial stability and regulatory adherence within the burgeoning digital currency landscape.
Contrasting Views from the ECB
The consortium’s development comes amid ongoing debates about the potential impact of private stablecoins on the euro's global status. Christine Lagarde, President of the European Central Bank (ECB), recently articulated a cautious stance, suggesting that stablecoins should not serve as Europe's primary mechanism for enhancing the euro's international prominence, conflicting with the push for euro-centric stablecoin solutions like Qivalis.
Despite this divergence, the momentum behind Qivalis continues to grow. The consortium has been in talks with cryptocurrency exchanges as it gears up for its anticipated stablecoin launch. Furthermore, in March, Qivalis selected Fireblocks as its digital asset custody partner, securing essential infrastructure for tokenization and compliance.
“The euro is Europe’s currency, and on-chain financial infrastructure should carry it—built by European institutions and governed by European rules,” emphasized Jan Sell, CEO of Qivalis, reinforcing the consortium's commitment to a digital currency ecosystem rooted in European values and standards.
As the race to redefine the future of financial transactions accelerates, Qivalis appears poised to play a crucial role in shaping the landscape of euro stablecoins, aiming to deliver innovative solutions that resonate with European economic principles.
Source: Cointelegraph
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