Ten leading European banks are joining forces with Qivalis to launch a euro-denominated stablecoin by late 2026. This initiative seeks to reduce Europe’s reliance on US dollar-based stablecoins and establish greater control over payment systems within the region. The project was presented in Amsterdam, where Qivalis unveiled their strategic roadmap for building a robust and decentralized financial infrastructure. Qivalis CEO Jan-Oliver Sell highlights the importance of fostering European innovation while competing effectively in the global digital payments market. This move comes amid growing demand for stablecoins as digital transactions increase worldwide, prompting banks to explore blockchain technology for payment innovations. However, existing dominance by US-based stablecoin companies like Tether presents an obstacle for Europe.