37 European Banks Back MiCA Euro Stablecoin on Ethereum

TL;DR:

• The European banking consortium Qivalis brings together 37 financial institutions across 15 countries to issue a digital currency backed 1:1 by the euro.
• The chosen infrastructure for technical deployment is the public Ethereum blockchain under the European Union’s MiCA regulatory framework.
• The initiative’s application for an Electronic Money Institution (EMI) license is currently under review by the central bank of the Netherlands (DNB).

Ethereum Institutional confirmed this Tuesday, September 8, that a consortium of 37 European financial institutions is advancing the development of a regulated Euro stablecoin on the public Ethereum blockchain. The project, formally established under the brand name Qivalis, will operate in compliance with the European Union’s Markets in Crypto-Assets regulation (MiCA).

Qivalis is coming to Ethereum.@qivaliseu is a consortium of European banks building a regulated euro stablecoin under MiCA.

Qivalis at a glance:

→ 37 banks across 15 countries
→ 1:1 euro backing
→ EMI licence pending with the Dutch central bank
→ Target launch H2 2026… pic.twitter.com/tfyBtEOo8Q

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