37 European Banks Back MiCA Euro Stablecoin on Ethereum

A European banking consortium consisting of 37 financial institutions across 15 countries is advancing plans to launch Qivalis, a regulated euro-backed stablecoin deployed directly on the public Ethereum blockchain. Operating under the European Union's Markets in Crypto-Assets (MiCA) regulatory framework, the stablecoin will maintain a strict 1:1 peg with the euro. Key participants include major European banking institutions such as ING, UniCredit, BNP Paribas, DZ BANK, BBVA, ABN AMRO, Rabobank, and Intesa Sanpaolo. The consortium has submitted an Electronic Money Institution (EMI) license application to De Nederlandsche Bank (DNB), the central bank of the Netherlands, targeting a formal rollout in the second half of 2026. Deploying on Ethereum's public network allows the asset to integrate directly with global non-custodial wallet infrastructure and decentralized protocols. The initiative seeks to establish an institutional settlement alternative for cross-border interbank clearing and corporate payments in euros, challenging the US dollar's 99.5% dominance across the $300 billion global stablecoin market.