European Banks Unite Behind Qivalis Stablecoin Initiative

The addition of 25 banks to the Qivalis consortium has bolstered its position as a leading force in European stablecoin development.

This growth, which brings the total membership to 37 financial institutions across 15 countries, underscores the region's increasing focus on establishing blockchain-based payment infrastructure that is independent of U.S.-dominated networks.

The initiative has attracted major lenders such as ABN Amro, Rabobank, Sabadell, Bankinter, Bank of Ireland, Handelsbanken, and Nordea, in addition to existing members ING and BNP Paribas. The consortium's plans for a euro-pegged digital currency aim to address concerns about the dominance of U.S.-based payment infrastructure.