A consortium of 37 European banks, united under the joint venture Qivalis, is developing a euro-backed stablecoin on the public Ethereum blockchain to enter the Europe-Asia trade finance corridor, estimated at roughly $5 trillion annually. Subject to regulatory approval from De Nederlandsche Bank, issuance is planned for the second half of 2026, with reserves backed by at least 40% in bank deposits and the remainder in euro-area sovereign bonds. The consortium has grown rapidly, expanding from 9 to 37 member banks by May 2026, as dollar-denominated stablecoins hold over 95% of the global stablecoin market compared to less than 1% for euro alternatives. Fireblocks was selected in April 2026 as the technology partner to provide tokenization and compliance infrastructure.
Source: Read the original article
