37 Banks Back Qivalis Euro Stablecoin Launch

Qivalis, a euro-denominated stablecoin consortium backed by 37 banks across 15 countries, plans to launch in the second half of the year. The consortium aims to make euro stablecoins available to corporate treasuries and to support settlement of blockchain-based bond and fund transactions through bank distribution.

Qivalis plans to let corporate clients receive euro stablecoins through their banking partners and to integrate those tokens with treasury systems, cross-border supplier payments and settlement workflows for tokenized securities. The bank network is intended to provide counterparty support and compliance infrastructure for institutions using public-chain stablecoins in regulated European markets.

The global stablecoin market totaled $322.1 billion, with Tether’s USDT at $189.6 billion and USDC at $76.3 billion, together accounting for about 82.5% of supply. Two euro tokens cited in market data — EURC and EURCV — together totaled roughly €493.5 million (about $572 million), or about 0.18% of the global stablecoin market, creating a large gap between dollar and euro liquidity.

Usage of stablecoins is concentrated in trading and decentralized finance. Estimates show 48.8% of stablecoins served as trading assets across exchanges, finance protocols and infrastructure as of November 2025, while traditional payments accounted for 0.7% of use. Exchange activity in the first quarter attributed three-quarters of crypto trading volume to stablecoins, with USDT representing the largest share of that volume.

Under the EU Markets in Crypto-Assets regulation, euro-denominated stablecoins issued by regulated entities can operate across member states without separate national licenses. That framework allows projects built with bank participation to use a single EU authorization rather than multiple national permissions. U.S. policy proposals have included requirements that some stablecoins be backed by dollars and Treasury bills, a design that would increase demand for dollar assets. European officials have cited research finding that a $3.5 billion inflow into dollar stablecoins can lower three-month Treasury bill yields by about 2.5–3.5 basis points.

The market for tokenized real-world assets is growing. Data shows $33.8 billion in distributed tokenized real-world asset value and $340 billion in represented asset value, with tokenized U.S. Treasuries exceeding $15.4 billion. Many tokenized assets currently settle on dollar rails, which can make settlement dollar-denominated unless euro alternatives gain liquidity.

Financial institutions have offered divergent forecasts for stablecoin growth. One projection pegs the market near $500 billion by the end of 2028; another projects up to $2 trillion by the same date. Under a $500 billion scenario, a small euro share would equal under $5 billion of euro-denominated liquidity. Under a $2 trillion scenario, a 3–5% euro share would translate to roughly $60 billion to $100 billion of euro-denominated on-chain liquidity.

Potential obstacles for Qivalis include slow activation of participating banks, limited adoption by exchanges and decentralized protocols, and regulatory limits on public-chain euro stablecoins. If supervisors favor tokenized bank deposits or a central bank digital currency over public-chain euro tokens, banks may offer instruments that do not interoperate with non-EU exchanges or DeFi protocols.

Qivalis’s future availability and use will depend on the pace of growth in tokenized securities and funds, how actively banks distribute and settle euro stablecoins for corporate clients, and how regulators classify and permit public-chain euro tokens.