{"id":9271,"date":"2026-05-21T09:14:56","date_gmt":"2026-05-21T09:14:56","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=9271"},"modified":"2026-05-21T09:14:56","modified_gmt":"2026-05-21T09:14:56","slug":"european-banks-unite-behind-euro-stablecoin-push-to-challenge-dollar-dominance","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=9271","title":{"rendered":"European Banks Unite Behind Euro Stablecoin Push to Challenge Dollar Dominance"},"content":{"rendered":"

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  • Qivalis has expanded its euro stablecoin consortium to 37 banks as European lenders accelerate efforts to build regulated digital payment infrastructure.<\/span><\/li>\n
  • The project aims to offer a MiCA-compliant alternative to dominant US dollar stablecoins backed by firms such as Tether and Circle.<\/span><\/li>\n
  • Despite growing industry support, the ECB remains cautious about whether private stablecoins can strengthen the euro internationally.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    European stablecoin project Qivalis has expanded its banking consortium to 37 members after adding 25 new institutions from 15 countries, underscoring growing momentum behind efforts to establish a regulated euro-backed digital currency. The consortium\u2019s latest additions include ABN AMRO, Intesa Sanpaolo, Rabobank and Nordea.<\/p>\n

    Based in Amsterdam, Qivalis is targeting a launch in the second half of 2026 and is seeking authorisation from the Dutch central bank to operate as an electronic money institution. The group plans to issue a stablecoin backed one-to-one by euros and liquid assets held with regulated custodians.<\/p>\n

    The initiative reflects increasing concern among European financial institutions over the dominance of US dollar stablecoins, particularly Tether\u2019s USDT and Circle\u2019s USDC. Dollar-pegged stablecoins currently account for the vast majority of the market, with total supply surpassing US$301 billion (AU$421.4 billion).<\/p>\n

    By comparison, euro-backed stablecoins remain a small segment of the industry. CoinGecko data cited by the consortium shows Circle\u2019s EURC has the largest euro stablecoin market capitalisation at US$443 million (AU$620.2 million).<\/p>\n

    Related: Analysts Call Hyperliquid The Crypto Super-App That\u2019s Rewriting Global Finance<\/strong><\/p>\n

    MiCA Framework Shapes Euro Stablecoin Expansion\u00a0<\/h2>\n

    Qivalis said its expanding membership base strengthens plans to build regulated euro-denominated payment rails and on-chain settlement infrastructure under Europe\u2019s MiCA framework.<\/p>\n

    Chief executive Jan-Oliver Sell said the consortium was focused on strengthening European financial sovereignty and improving areas such as cross-border payments and instant settlement systems rather than replacing existing domestic payment networks.<\/p>\n

    Despite the push from banks, European Central Bank President Christine Lagarde recently questioned whether private stablecoins were the best way to improve the euro\u2019s global role.<\/p>\n

    Related: ECB Backs Plan to Centralise EU Crypto Oversight Under ESMA<\/strong><\/p>\n<\/p><\/div>\n

    Banks,Europe,Stablecoins#European #Banks #Unite #Euro #Stablecoin #Push #Challenge #Dollar #Dominance1779354896<\/p>\n","protected":false},"excerpt":{"rendered":"

    Qivalis has expanded its euro stablecoin consortium to 37 banks as European lenders accelerate efforts to build regulated digital payment infrastructure. The project aims to offer a MiCA-compliant alternative to dominant US dollar stablecoins backed by firms such as Tether and Circle. Despite growing industry support, the ECB remains cautious about whether private stablecoins can<\/p>\n","protected":false},"author":1,"featured_media":9272,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[47,1796,396,3307,215,733,890,166,3683],"class_list":["post-9271","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-banks","tag-challenge","tag-dollar","tag-dominance","tag-euro","tag-european","tag-push","tag-stablecoin","tag-unite"],"yoast_head":"\nEuropean Banks Unite Behind Euro Stablecoin Push to Challenge Dollar Dominance - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=9271\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"European Banks Unite Behind Euro Stablecoin Push to Challenge Dollar Dominance\" \/>\n<meta property=\"og:description\" content=\"Qivalis has expanded its euro stablecoin consortium to 37 banks as European lenders accelerate efforts to build regulated digital payment infrastructure. 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