Qivalis, the ING-backed consortium developing Europe’s first regulated euro-denominated stablecoin, has announced the addition of 25 new banks to its membership, bringing the total to 37. 

This expansion widens the stablecoin’s reach for clients in euros, marking an important step toward a trusted digital payment standard in Europe.

Geert Wijnhoven, CTO of ING Wholesale Banking, said, “The real value of this initiative is not the technology itself, but what it enables.” 

“With over 25 additional banks joining, Qivalis is evolving into a genuinely shared European effort – creating common infrastructure that empowers clients to move value instantly, automate processes and operate seamlessly across borders in a more efficient way.”

The role of stablecoins in wholesale banking

Stablecoins are cryptocurrencies designed to maintain a stable value, and are increasingly used in wholesale banking for cross-border payments, treasury management, and the settlement of financial assets such as bonds and funds issued on blockchain platforms. 

Currently, much of this activity is conducted using US dollar-based stablecoins, which may not fully meet the needs of European companies operating primarily in euros.

Qivalis aims to fill this gap by creating a euro-based alternative that supports the unique requirements of the European market.

The consortium’s growing membership improves liquidity, broadens distribution channels, and supports adoption, which are critical factors for transitioning stablecoins from experimental tools to everyday financial instruments.

Membership overview

The founding members of Qivalis include major European banks such as Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.

The 25 newly joined banks are ABANCA, ABN AMRO, AIB, Banco Sabadell, Bank of Ireland, Bank Pekao S.A., Bankinter, Banque et Caisse d’Épargne de l’État (Spuerkeess), Banque Fédérative du Crédit Mutuel, BPER Banca, Cecabank, Erste Group, Groupe BPCE, Handelsbanken, Helaba, Intesa Sanpaolo, Jyske Bank, Kutxabank, Landsbankinn, National Bank of Greece, Nordea, OP Pohjola, Piraeus, Rabobank, and Swedbank.

Planned launch and regulatory framework

Qivalis intends to launch a regulated euro stablecoin in the second half of 2026, pending regulatory approval. It will comply with the EU’s Markets in Crypto-Assets Regulation (MiCAR).

To facilitate this, the consortium has established a new company in the Netherlands, aiming to obtain licensing and supervision from the Dutch Central Bank as an e-money institution. The consortium is open to additional banks joining.

Leveraging blockchain technology, the euro stablecoin will offer near-instant, low-cost payments and settlements with 24/7 availability. 

The key benefits are efficient cross-border payments, programmable payments enabling automation, enhanced supply chain management, and settlement of digital assets ranging from securities to cryptocurrencies.

These features are expected to drive significant efficiency and transparency gains in euro-denominated payments and financial market infrastructure.

As Qivalis approaches its launch, its expanded consortium membership and regulatory compliance will make it a key part of Europe’s digital financial ecosystem. 

Member banks will have the chance to provide value-added services like stablecoin wallets and custody solutions, enhancing the user experience.