Qivalis, a European banking consortium developing a regulated euro stablecoin, expanded to 37 member institutions on Wednesday after adding 25 new banks across 15 countries.

The new members include ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo. The Amsterdam-based consortium is targeting a second-half 2026 launch, according to a statement shared with Cointelegraph.

“We are not merely building payment rails; we are ensuring that European principles around data protection, financial stability and regulatory rigour are embedded into the next generation of digital money,” said Howard Davies, chairman of Qivalis’ supervisory board.

The move comes as European institutions race to establish alternatives to US dollar-dominated stablecoins, which currently account for 98% of the market, according to CoinGecko.

Spain leads new bank wave

Spain emerged as the most represented country among Qivalis’ 25 new members, adding five institutions, including ABANCA, Banco Sabadell, Bankinter, Cecabank and Kutxabank.

The country’s strong presence comes alongside broader signs of early adoption in euro-denominated stablecoins, with Brighty data recently pointing to Spain as a leading retail market for Circle’s EURC usage.

Source: Qivalis

Two new Italian banks joined the consortium. France, Sweden, Greece, the Netherlands, Finland and Ireland each added two new members as well, highlighting broad participation across northern and southern Europe.

The diversified expansion strengthens Qivalis’ goal of creating a unified, regulated euro stablecoin infrastructure under the European Union’s Markets in Crypto-Assets (MiCA) framework. 

ECB stance contrasts stablecoin push

The consortium’s plans come at a time of renewed debate in Europe over the role of private stablecoins in supporting the euro’s global position.

European Central Bank (ECB) President Christine Lagarde said in early May that stablecoins are not Europe’s best route to strengthening the euro’s international role, pushing back against calls to respond to US dollar-backed stablecoins with euro counterparts.

Despite that stance, banking-led initiatives like Qivalis continue to gain momentum as institutions seek regulated alternatives to dollar stablecoins.

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The consortium has been engaging with crypto exchanges ahead of a planned euro stablecoin launch.

In March, Qivalis selected digital asset custody provider Fireblocks for tokenization technology, wallet infrastructure and custody, along with tools supporting compliance.

“The euro is Europe’s currency, and on-chain financial infrastructure should carry it – built by European institutions and governed by European rules,” Qivalis CEO Jan Sell said.

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