Qivalis Brings 37-Bank Euro Stablecoin to Ethereum

Ethereum is set for another major institutional use case as Qivalis prepares to bring a regulated euro stablecoin to the public blockchain. The project is backed by 37 European banks across 15 countries and is designed to operate under the European Union’s Markets in Crypto-Assets (MiCA) framework.

The announcement matters because Qivalis is not a crypto-native startup launching another speculative token. It is a banking consortium building payment and settlement infrastructure around a euro-denominated digital asset. The stablecoin is planned to maintain a 1:1 value against the euro.

Qivalis has confirmed that Ethereum will be the public blockchain used for the stablecoin. That choice gives the planned asset access to an existing ecosystem of wallets, decentralized applications, exchanges and institutional infrastructure rather than restricting it to a private banking network.

Why 37 Banks Choosing Ethereum Matters

The consortium has expanded rapidly since its creation. Qivalis initially started with nine banks in 2025 before adding major institutions and eventually bringing the total to 37 banks across 15 European countries. Members include names such as ING, UniCredit, BNP Paribas, BBVA, ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo.

The scale of the group gives the project a different profile from most existing euro stablecoins. Bank participation could provide access to established payment relationships, corporate customers and liquidity networks if the stablecoin receives regulatory approval and achieves broad adoption.

Qivalis says the planned token will be fully backed on a 1:1 basis with euros. The consortium has also applied to De Nederlandsche Bank for authorization as an Electronic Money Institution, meaning the stablecoin cannot simply launch as a fully operational regulated product before the required approval is obtained.

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That regulatory point is important for Ethereum users and investors. Qivalis has not yet launched the stablecoin, and its EMI authorization remains pending. The project is targeting the second half of 2026, subject to regulatory approval and the completion of its infrastructure.

For Ethereum, the significance goes beyond another token being deployed on the network. A bank-backed euro stablecoin could create a regulated bridge between traditional European finance and Ethereum-based applications, potentially increasing the amount of institutional money that can interact with on-chain markets.

Euro Liquidity Could Become the Bigger Story

Euro stablecoins remain much smaller than their dollar-denominated counterparts. Bank of Ireland noted in May that euro-denominated stablecoins represented only about 0.2% of global stablecoin circulation, highlighting the size of the gap Qivalis is attempting to address.

If Qivalis gains regulatory approval and attracts users, its Ethereum deployment could help expand euro liquidity across decentralized finance and other blockchain applications. The impact would depend heavily on where the token can be traded, which institutions support it and whether developers integrate it into payment, lending and settlement systems.

The project also fits a broader shift toward tokenized financial infrastructure. European banks are increasingly testing blockchain-based payments, deposits, securities and settlement systems, while public networks such as Ethereum are becoming part of that institutional discussion.

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For ETH, the bullish argument is therefore less about the stablecoin itself and more about what it represents. If major banks are comfortable issuing regulated digital money on a public blockchain, Ethereum could strengthen its position as infrastructure for institutional settlement and tokenized assets.

Still, investors should separate the announcement from actual adoption. Qivalis needs regulatory authorization, a successful launch and meaningful usage before the economic impact can be measured. The involvement of 37 banks is significant, but it does not guarantee that the stablecoin will generate large transaction volumes.

The bigger signal is that European banks are choosing to build regulated digital-money infrastructure on Ethereum. If Qivalis moves from planned infrastructure to real-world payments and settlement, it could become one of the clearest examples yet of traditional banking institutions using Ethereum as a public financial network.

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