The European project Qivalis has tripled its bank members from 12 to 37. The consortium plans to launch a regulated euro stablecoin in the second half of the year.
Qivalis has gained 25 additional banks for its stablecoin initiative. This move aims to create an open and regulated digital ecosystem for the euro. “This expansion is a decisive step toward an open and regulated digital ecosystem for the euro,” said Qivalis chief Jan-Oliver Sell.
The Dutch firm is currently preparing the issuance and has applied for an electronic money institution license from the Dutch central bank. The goal is to counter the dollar-dominated market. More than 99 percent of the over 300 billion dollar stablecoin market consists of dollar-backed variants.
The euro holds about 20 percent of global foreign exchange reserves. Stablecoins are seen as a foundation for faster and cheaper cross-border payments on public blockchains.
