A consortium of 37 European banks from 15 countries is developing a regulated, euro-denominated stablecoin for the public Ethereum network. Known as Qivalis, the group plans to issue the token under the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework.

The stablecoin is intended to maintain a 1:1 backing with the euro. Qivalis is awaiting approval for an e-money institution (EMI) license from the Dutch central bank before the token can enter the market. The consortium is targeting a launch in the second half of 2026.

Ethereum Institutional described the project in an X post on September 8, 2026:

Qivalis is coming to Ethereum. @qivaliseu is a consortium of European banks building a regulated euro stablecoin under MiCA. Qivalis at a glance: → 37 banks across 15 countries → 1:1 euro backing → EMI licence pending with the Dutch central bank → Target launch H2 2026… pic.twitter.com/tfyBtEOo8Q — Ethereum Institutional (@ethereuminsti) September 8, 2026

The announcement links to the Qivalis account at https://x.com/qivaliseu?ref_src=twsrc%5Etfw and the Ethereum Institutional post at https://x.com/ethereuminsti/status/2097305936712937517?ref_src=twsrc%5Etfw.

Qivalis develops a euro stablecoin for Ethereum

Qivalis’s proposed token would be pegged to the euro, maintaining a 1:1 ratio with the fiat currency. The project is being developed within the EU’s MiCA framework, which establishes a regulated structure for digital assets in Europe.

The participation of 37 banks across 15 countries gives the initiative a broad banking base across the region. However, the stablecoin is not yet available. The pending EMI license from the Dutch central bank is a key regulatory requirement that must be completed before issuance. Qivalis has set the second half of 2026 as its target launch period.

The licensing decision and the consortium’s progress toward its planned launch are therefore the main milestones to watch before the token can be assessed in the market. Until the EMI approval is granted and issuance begins, Qivalis remains a proposed project rather than an available stablecoin.

The project’s decision to use a public blockchain distinguishes it from some banking initiatives involving tokenized money, which have chosen private or permissioned networks. Qivalis instead plans to issue its euro stablecoin on public Ethereum.

Ethereum already supports a large crypto user base, decentralized exchanges, decentralized finance (DeFi) applications and an established stablecoin economy. A euro-denominated token on the network could connect directly with that existing on-chain infrastructure and operate alongside other assets and applications.

Euro stablecoins in a dollar-dominated market

Qivalis is entering a stablecoin market that remains overwhelmingly dominated by dollar-pegged tokens. According to data shared by Ethereum Institutional, dollar-based stablecoins account for about 99.5% of the roughly $300 billion stablecoin market.

That market composition leaves room for euro-denominated stablecoins if European banks succeed in introducing regulated alternatives. Qivalis represents one effort to connect traditional banking institutions with public blockchain infrastructure while operating within the EU’s regulatory framework.

If the project proceeds according to plan, the bank-backed euro stablecoin could add another form of real-world financial activity to Ethereum. It could also give European financial institutions a regulated route into on-chain markets and provide additional liquidity for DeFi applications on the network.

Original source: https://www.cryptoninjas.net/news/37-european-banks-bring-euro-stablecoin-to-ethereum-in-300b-market-shake-up