Europe's 37-Bank Stablecoin Initiative Challenges Dollar Dominance
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The euro-denominated stablecoin consortium Qivalis, backed by 37 banks across 15 countries, is set to launch in H2 2025, signaling a major push for euro-based on-chain finance. ING highlights that while stablecoins currently facilitate wholesale cross-border payments and blockchain-based bond settlements, the vast majority are USD-denominated, exposing European users to currency risk. This initiative tests whether on-chain finance can shift from a dollar-centric default to a multi-currency ecosystem, potentially reducing FX exposure and enhancing European financial autonomy. Success could accelerate institutional adoption of euro stablecoins, reshaping global stablecoin dynamics.
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