Amsterdam‑based fintech Qivalis has secured backing from 37 European banks for its euro‑denominated stablecoin, the largest consortium of its kind on the continent. Initial supporters included BNP Paribas, ING and UniCredit; a further 25 lenders such as ABN Amro, Intesa Sanpaolo and Rabobank have now joined. The coalition aims to challenge U.S.‑centric digital tokens.

Stablecoins, pegged to sovereign currencies, are increasingly viewed by banks as a tool to cut settlement times and lower back‑office costs. European policymakers worry that the $320 billion stablecoin market is dominated by dollar‑linked tokens issued by Tether and Circle, a dynamic that could entrench U.S. monetary influence. ECB chief Christine Lagarde called the trend a “legitimate concern.”

Qivalis hopes the breadth of its banking network will drive adoption beyond niche payments, targeting cross‑border transfers and “atomic” settlement. Existing euro stablecoins such as Circle’s EURC, valued at $450 million, and Société Générale’s Forge, with roughly $123 million in circulation, have struggled to gain traction. By leveraging client bases of 37 lenders, Qivalis aims to achieve scale.

The firm has applied for a Dutch central‑bank licence, expecting approval in the second half of the year and readiness to launch immediately thereafter. If granted, the stablecoin could provide European corporates and remittance flows with a sovereign‑backed digital euro, reducing reliance on U.S. tokens and reshaping the continent’s crypto infrastructure.