Ten European Banks Launch Qivalis to Challenge US Dollar Dominance in Stablecoins

A consortium of ten major European banks has launched a new venture aiming to create a stablecoin pegged to the euro, challenging the current dominance of U.S.-based digital currencies. Known as Qivalis, this initiative signifies a strategic push for Europe-led payment infrastructure and reduced reliance on foreign currencies. The project, set to launch by late 2026, involves ten banking giants like UniCredit, ING, and BNP Paribas applying for an Electronic Money Institution (EMI) license from the Dutch central bank, ensuring compliance with strict financial regulations within the EU.