Qivalis Euro Stablecoin Gains 25 New Banks, Now Backed by 37 Lenders

Euro-pegged stablecoin project Qivalis has added 25 new banking partners, bringing its total institutional support to 37 lenders, according to the Financial Times. The expansion makes Qivalis the largest stablecoin initiative in Europe.

The project initially went live in late 2024 with 10 European banks. The recent wave of additions reflects mounting interest among financial institutions in digital payment infrastructure that operates outside US dollar dominance.

Qivalis CEO Jan-Oliver Sell highlighted that geopolitical factors are playing a major role in the project's appeal. The European sovereignty dimension has become increasingly attractive as institutions look for alternatives to dollar-based systems.

We're not competing with payments in Europe because payments in Europe work.

Banks across the continent have grown concerned about the cryptocurrency sector's heavy reliance on the dollar and the encroachment of digital asset firms into traditional banking territory. The global stablecoin market stands at $320 billion, with the vast majority pegged to US currency. Tether and Circle lead the issuance landscape, with Circle's dollar-pegged token reaching $77 billion in market capitalisation compared to just $450 million for its euro equivalent.

European Central Bank President Christine Lagarde warned earlier this month that increasing use of dollar stablecoins in Europe creates legitimate concerns about entrenching dollar dependency. She expressed caution about euro stablecoins as well, though her remarks acknowledged the strategic implications of the current market structure.

French Finance Minister Roland Lescure issued a call last month for European banks to develop more euro-based stablecoins, specifically to reduce the region's dependence on non-EU payment providers.

Stablecoins — digital tokens typically pegged to fiat currencies — have gained traction with banks seeking to accelerate payment processing and settlement operations. The technology promises to streamline the costly, multi-layered infrastructure that underpins traditional financial transactions.

These projects aim to consolidate functions like messaging, clearing, settlement, reconciliation and compliance onto a single shared ledger. Each traditional layer adds expense, delays and operational risk that banks hope to eliminate through blockchain-based alternatives.

Sell indicated that Qivalis is in discussions with multiple non-European banks operating in countries that receive substantial remittance flows from Europe. The focus for these stablecoins lies in cross-border payments and atomic settlement — immediate, simultaneous exchange of assets — rather than domestic European transactions.

The project's roadmap centres on use cases where existing payment rails face the most friction, particularly in international money movement where speed and cost remain persistent pain points for both institutions and end users.