Qivalis euro stablecoin backed by 37 major European banks

Amsterdam-based digital currency startup Qivalis has secured the backing of 37 prominent banks across Europe to launch a stablecoin pegged one-to-one to the euro. With this major alliance, Qivalis aims to increase the use of euro-linked digital money across the continent, a move specialists view as a significant step for global digital finance.Compliance with MiCAR and European regulationsSupport from top European banksOperational details and launch timeline Compliance with MiCAR and European regulationsQivalis’ planned stablecoin will be strictly backed by real euro reserves for each token, ensuring its value always matches the euro exactly. The initiative seeks to provide a safe and transparent digital payment option compared to traditional methods. Designed in accordance with the European Union’s MiCAR (Markets in Crypto-Assets Regulation) framework, Qivalis keeps legal compliance and financial transparency at the forefront of its approach.Glossary: MiCAR is the European Union’s comprehensive regulation covering crypto asset markets. It provides essential legal foundations and oversight systems for a wide range of digital assets, including stablecoins.According to Financial Times, the Qivalis project now enjoys direct support from 37 European banks, including leading institutions like BNP Paribas, ING, UniCredit, ABN AMRO, Intesa Sanpaolo, and Rabobank.Support from top European banksInitially spearheaded by just 12 banks, the Qivalis project has broadened its reach within Europe’s financial sector with new members. Recent notable additions to the partnership include major institutions such as Nordea, Bankinter, Bank of Ireland, and Sabadell. This growing interest from banks signals a marked shift in the traditional banking sector’s approach to digital assets and blockchain technology. Experts now consider Qivalis one of the most widely supported stablecoin projects in Europe.QivalisMajor Dollar-Pegged StablecoinsIndexed one-to-one with euroIndexed to US dollar (USDT, USDC, etc.)Supported by European banksPrimarily backed by US financial institutionsMiCAR compliantSubject to varied national regulationsThe reserves underpinning the stablecoin will be held in cash and top-tier liquid assets within the banks. The management of these assets will fall to regulated custodians, a setup expected to further strengthen user trust.Operational details and launch timelineThrough the Qivalis platform, users will be able to deposit assets to receive digital tokens and, if they choose, redeem their stablecoins at full value. The platform is being designed to fully comply with anti-money laundering and transaction monitoring requirements imposed by law.Transactions will be executed automatically via smart contracts on the blockchain, ensuring visibility and minimizing the need for traditional intermediaries. The project’s official launch is set for the second half of 2026, pending final regulatory approval.Industry observers highlight the potential for a euro-based stablecoin to disrupt digital payments in Europe and help reduce dependence on the US dollar.Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.