European Banks Join On-Chain Finance Initiative as Qivalis Expands to 37 Members

European banking giants are accelerating their push into digital assets as the Amsterdam-based consortium Qivalis expands to 37 member institutions, onboarding 25 new banks across 15 countries. The initiative brings the planned launch of a euro-denominated stablecoin closer to reality, with a target date set for 2026.

Institutional Heavyweights Join

The latest wave of members includes major names such as ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo, signaling that Europe's traditional banking sector is increasingly embracing on-chain financial infrastructure. Spain contributed the largest share of new entrants, with five institutions joining: ABANCA, Banco Sabadell, Bankinter, Cecabank, and Kutxabank. France, Sweden, Greece, the Netherlands, Finland, and Ireland each added two new members, while Italy contributed two more, reflecting broad participation across both northern and southern Europe.

Qivalis CEO Jan Sell emphasized the strategic importance of the project: "The euro is Europe's currency. On-chain financial infrastructure should carry it, built by European institutions and governed by European rules." Howard Davies, chairman of the supervisory board, added that data protection, financial stability, and regulatory rigor must be embedded into the next generation of digital money.

Regulatory Framework and Technology

The consortium is building its stablecoin under the European Union's Markets in Crypto-Assets (MiCA) regulation, which provides a comprehensive legal framework for crypto assets. In March, Qivalis selected digital asset custody provider Fireblocks to supply tokenization technology, wallet infrastructure, custody, and compliance tooling.

The initiative is advancing despite pushback from the European Central Bank (ECB). ECB President Christine Lagarde stated in early May that stablecoins are not Europe's best route to strengthening the euro's international role and cautioned against building euro counterparts to dollar-backed stablecoins. However, Qivalis appears undeterred, positioning its stablecoin as a European sovereign alternative to dollar-pegged digital currencies.

Spain's Pivotal Role

Spain's involvement carries added significance given recent data from Brighty, which identified the country as a leading retail market for Circle's EURC stablecoin usage. The new membership wave adds institutional weight to the continent's growing appetite for euro-denominated digital money.

The expansion comes at a time when the European Commission has launched a formal consultation on MiCA, assessing whether the regulation remains fit for purpose amid rapid market evolution and shifting global regulatory landscapes. The consultation, which runs until August 31, covers rules for crypto-asset issuers, asset-referenced tokens, e-money tokens, and service providers.

Broader Institutional Momentum

Qivalis's growth mirrors broader institutional adoption of blockchain technology in Europe. Earlier this month, Amundi, Europe's largest asset manager with €2.4 trillion in assets under management, announced a UCITS-compliant fund on the Solana blockchain in partnership with tokenization specialist Spiko Finance. This move further validates the potential of on-chain finance for regulated institutions.

As European banks and asset managers increasingly explore digital currencies and tokenized assets, Qivalis's expanding consortium represents a coordinated effort to build a homegrown on-chain financial ecosystem. The project's adherence to MiCA and its focus on regulatory compliance could position it as a blueprint for future stablecoin initiatives in the region.

Key Takeaways

1. Qivalis consortium grows to 37 banks, onboarding 25 new institutions across 15 countries for a MiCA-compliant euro stablecoin.
2. Major banks including ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo join, with Spain contributing the most new members.
3. The stablecoin is scheduled for launch in 2026, using Fireblocks for technology and custody.
4. ECB President Lagarde expresses skepticism, but Qivalis proceeds with a European sovereignty narrative.
5. Broader institutional adoption is evident, with Amundi launching a UCITS fund on Solana.

Sources: CoinMarketCap Academy - Qivalis Euro Stablecoin Banks, CoinMarketCap Academy - EU MiCA Review, CryptoNews - Amundi Solana UCITS Fund.