European Banks Launch Euro Stablecoin Consortium
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A consortium of 10 central European banks has announced the formation of Qivalis, with plans to launch a euro-pegged stablecoin in late 2026. This strategic initiative, explicitly supported by the EU's Markets in Crypto-Assets (MiCA) regulation, represents a coordinated effort to establish a European alternative to the dominant USD-denominated stablecoins that currently command over 90% of the stablecoin market. The move signals a significant institutional embrace of digital assets within the European financial architecture.
The development is underpinned by substantial market potential, with S&P Global projecting the euro stablecoin market could reach €1.1 trillion by 2030. This projection suggests a major shift in the stablecoin landscape, potentially reducing systemic reliance on USD-based instruments and fostering deeper eurozone integration in digital finance. The 2026 timeline allows for regulatory alignment and technical development under MiCA's framework, positioning the consortium for a compliant and scalable launch.
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