Qwalis, a European banking consortium developing the regulated euro stablecoin, expanded to 37 member institutions on Wednesday after adding 25 new banks in 15 countries.
New members include ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo. According to a statement shared with Cointelegraph, the Amsterdam-based consortium is targeting a launch in the second half of 2026.
“We are not just building a payment rail; we are ensuring that European principles on data protection, financial stability and regulatory rigor are incorporated into the next generation of digital money,” said Howard Davies, Chairman of the Supervisory Board of Cavalis.
The move comes as European institutions race to establish alternatives to the US dollar-dominated stablecoins, which currently account for 98 percent of the market. According to to CoinGecko.
Spain is leading the new wave of banking.
Spain emerged as the most represented country among the 25 new members of Qivalis, adding five institutions including ABANCA, Banco Sabadell, Bankinter, Cecabank and Kutxabank.
The country’s strong presence comes with wider signs of early adoption of euro-like stablecoins, with Bright Data recently pointing to Spain as a leading retail market for Circle’s use of EURC.
Source: Qawalis
Two new Italian banks join the consortium. France, Sweden, Greece, the Netherlands, Finland and Ireland also added two new members each, highlighting the wide participation across northern and southern Europe.
The diversified expansion reinforces Qivalis’ goal of creating a unified, regulated Eurostablecoin infrastructure under EU markets in the Crypto-Asset (MiCA) framework.
The ECB’s stance is the opposite of the stablecoin push.
The consortium’s plans come at a time of renewed debate in Europe over the role of private stablecoins in supporting the euro’s global position.
European Central Bank (ECB) President Christine Lagarde said in early May that stablecoins were not Europe’s best way to strengthen the euro’s international role, pushing back against calls to respond to US dollar-backed stablecoins with euro counterparts.
Despite this stance, banking-led initiatives like Qivalis continue to gain momentum as institutions seek formal alternatives to dollar stablecoins.
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The consortium has been engaging with crypto exchanges ahead of the planned euro stablecoin launch.
In March, Qivalis selected digital asset custody provider FireBlocks for tokenization technology, wallet infrastructure and custodial as well as compliance support tools.
“The euro is Europe’s currency, and the on-chain financial infrastructure must carry it – built by European institutions and governed by European rules,” said Qivalis CEO John Sale.
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