Qivalis aims to launch a euro-backed stablecoin by year-end to challenge USD dominance in tokenized finance.
A pan-European stablecoin initiative, Qivalis, has expanded to include 37 lenders as it prepares to issue a euro-denominated stablecoin later this year. The project seeks to strengthen the euro’s role in tokenized finance amid growing competition with the U.S. dollar.
The effort reflects broader European ambitions to reduce reliance on USD-dominated payment systems and digital assets. Qivalis, backed by major banks, targets a 2024 launch, aligning with regulatory developments in the EU’s Markets in Crypto-Assets (MiCA) framework.
No immediate market reaction was reported, but the move could pressure USD stablecoin issuers if adoption gains traction in Europe.