Europe’s 37-bank stablecoin push tests whether on-chain finance defaults to euros or dollars
A 37-bank European consortium, Qivalis, is launching a euro-denominated stablecoin to challenge the dominance of US dollar-backed assets in on-chain finance.Summary
The Qivalis consortium, backed by 37 banks across 15 countries, aims to launch a euro-denominated stablecoin to address the dominance of US dollar stablecoins like USDT and USDC. Currently, dollar-backed assets account for the vast majority of the stablecoin market, leaving European corporate finance vulnerable to currency exposure when settling on-chain transactions. By leveraging the EU's Markets in Crypto-Assets (MiCA) regulation and broad bank distribution networks, Qivalis seeks to establish a "euro beachhead" in tokenized real-world assets. The initiative's success depends on whether it can provide sufficient liquidity and institutional utility before dollar-denominated rails become the permanent default for European financial infrastructure.
(Source：CryptoSlate)