European Consortium Expands Membership Ahead of Euro Stablecoin Launch

The Qivalis consortium, a European banking group developing a regulated euro stablecoin, has significantly expanded its membership ahead of the planned launch of its digital currency. The consortium now comprises 37 member institutions, with 25 banks from 15 countries joining in recent days.

The new members include prominent financial institutions such as ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo. Spain emerged as a key player among the new members, with five institutions added to the consortium, including ABANCA, Banco Sabadell, Bankinter, Cecabank, and Kutxabank.

The expansion is part of European efforts to establish regulated alternatives to US dollar-dominated stablecoins, which currently account for 98% of the market. The Qivalis consortium aims to create a unified, regulated euro stablecoin infrastructure under the European Union's Markets in Crypto-Assets (MiCA) framework.