Qivalis, the Amsterdam-based banking consortium developing a regulated euro stablecoin under the EU's MiCA framework, expanded its membership to 37 institutions on Wednesday after adding 25 new banks across 15 countries. New members include major European banks ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo, with Spain emerging as the most represented country among the new additions, contributing five institutions including Banco Sabadell, Bankinter, and Kutxabank. France, Sweden, Greece, the Netherlands, Finland, Ireland, and Italy also added new members, reflecting broad participation across both northern and southern Europe. The consortium is targeting a second-half 2026 launch and has already selected digital asset custody provider Fireblocks for tokenization technology, wallet infrastructure, custody, and compliance tooling.

The expansion is driven by a clear strategic motivation. US dollar-denominated stablecoins currently account for approximately 98% of the global stablecoin market according to CoinGecko data, and European institutions are increasingly determined to establish regulated alternatives that keep the euro relevant in the emerging on-chain financial infrastructure. Qivalis CEO Jan Sell framed the mission directly, stating that the euro is Europe's currency and that on-chain financial infrastructure should carry it, built by European institutions and governed by European rules. The consortium has also been engaging with crypto exchanges ahead of launch to build the distribution relationships needed to make a euro stablecoin practically accessible rather than just technically available.