A consortium of major European banks has formed Qivalis, a new entity in Amsterdam to launch a euro-pegged stablecoin in 2026.

A Tenth Bank Has Now Joined The Euro Stablecoin Consortium

Back in September, nine big European banks announced a consortium aimed at developing and launching a euro-based stablecoin , a digital asset that will have its price pegged to the euro (EUR).

Currently, stablecoins are overwhelmingly dominated by the US dollar (USD), with USDT and USDC, the two largest such cryptocurrencies in the space, accounting for 85% of the market. The consortium’s euro stablecoin intends to provide a real alternative to the USD tokens.

The nine banks that initially kickstarted the plan included ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raif

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