A consortium of 37 European banks, including ING, is preparing to launch the euro-denominated stablecoin Qivalis in the second half of this year. This initiative aims to establish a strong euro presence in on-chain finance, challenging the current dominance of dollar-pegged stablecoins like USDT and USDC. The move highlights a growing institutional interest in leveraging blockchain for wholesale payments and bond settlements, potentially shifting liquidity dynamics within the crypto ecosystem. Its success will dictate whether future on-chain finance defaults to a euro or dollar standard, impacting global financial flows and regulatory landscapes.
This European bank-backed euro stablecoin directly challenges dollar dominance in crypto, potentially diversifying on-chain liquidity away from USD. Its success could foster a robust euro-denominated DeFi ecosystem, impacting stablecoin market cap distribution and institutional adoption patterns.
This development reveals a concerted effort by traditional finance to establish a sovereign currency presence on-chain, moving beyond mere experimentation. It signals a future where digital asset markets are increasingly fragmented by national currency interests, potentially leading to a multi-polar stablecoin landscape.
The euro-denominated stablecoin consortium Qivalis has received backing from 37 banks across 15 countries, and the asset is planned to launch in the second half of the year. ING noted that stablecoins already serve wholesale cross-border payments and blockchain-based bond settlement, but most of tha