European Banks Team Up to Save Euro from Dollar Dominance in Crypto Markets

European banks are racing to issue a euro stablecoin in an effort to save the euro from being dominated by dollar-pegged stablecoins in crypto markets.

The project, Qivalis, is backed by a consortium of 12 major European banks, including ING and UniCredit. The goal is to bring the euro onto blockchain rails and create a European alternative to dominant dollar stablecoins.

According to Jan-Oliver Sell, CEO of Qivalis, if Europe doesn't have a euro onchain with depth of liquidity, then the only alternative is the U.S. dollar. This would be a risk to Europe's financial and digital sovereignty.