37 European Banks Bring Euro Stablecoin to Ethereum in $300B Market Shake-Up

Key Takeaways:

• The group of 37 European banks, known as Qivalis, is creating a euro-denominated stablecoin on Ethereum.
• The deliberate proposal is to coin this token in euros and to make it subject to the EU regulatory regime known as MiCA.
• With the approval of the e-money institution license from the Dutch central bank, Qivalis looks forward to launching in the second half of 2026.

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A main European banking stablecoin venture will be home on Ethereum.With a big European banking steady coin venture set to arrive on Ethereum. Qivalis, a consortium comprising 37 banks from 15 different countries, is developing a regulated crypto stablecoin backed by euros that will be created on the public Ethereum network.

Qivalis is coming to Ethereum.@qivaliseu is a consortium of European banks building a regulated euro stablecoin under MiCA.

Qivalis at a glance:

→ 37 banks across 15 countries
→ 1:1 euro backing
→ EMI licence pending with the Dutch central bank
→ Target launch H2 2026… pic.twitter.com/tfyBtEOo8Q

— Ethereum Institutional (@ethereuminsti) September 8, 2026

The move could bring a significant piece of European bank-issued digital money into the same blockchain ecosystem where stablecoins and DeFi already have deep liquidity.

The stablecoin being developed by Qivalis is supposed to be pegged to the euro, meaning it would maintain a 1:1 ratio with the fiat currency. The project is being developed within the framework of the EU’s Markets in Crypto-Assets (MiCA) ecosystem, which will create a more regulated digital-asset market in Europe. Today 37 banks, from 15 countries make up the consortium, providing the project with a wide banking foundation in Europe.

But the stablecoin is not available. Before it can enter the market, it must await an e-money institution (EMI) license from the central bank of the Netherlands, a major regulatory measure that Qivalis is waiting for. It is planned to launch in H2 2026.

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The choice of public ethereum is one of the impressive aspects of the project. Some banking groups that are developing tokenized money have opted for private or permissioned blockchain technology. While the alternative path is the one Qivalis is heading down, it decided to go public with its stablecoin, euro.

Ethereum has an established crypto user base, decentralized exchanges, DeFi applications, and a thriving economy of stable coins. Having the euro token right in that ecosystem could enable it to play alongside the existing onchain infrastructure by integrating directly.

The Qivalis project also comes in a stablecoin space that is largely still dominated by dollar-based stablecoins. When it comes to the $300 billion stablecoin market, dollar-pegged coins make up about 99.5% of the total, according to data Ethereum Institutional shared.

With that in mind, there is still plenty more room to grow for euro-denominated stablecoins if European banks are successful in introducing similar regulated alternatives to the market. Qivalis may be one of the more prominent steps aimed at bridging the divide between traditional banking institutions and the public blockchain.

The project offers another avenue of real-world financial activity for Ethereum. If it is all going according to plan, with Qivalis, a bank-backed euro stablecoin will provide additional liquidity to the DeFi industry on Ethereum, and European financial institutions with a regulated pathway into on-chain markets.

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