By Dominic Chopping

A group of European banks on Wednesday joined a consortium backing Amsterdam-based stablecoin issuer Qivalis.

Having secured the backing of banks such as BNP Paribas, ING and UniCredit, Qivalis said Wednesday that a further 25 banks have now joined.

ABN Amro, Banco Sabadell and Nordea are among the new backers and bring the total number of banks in the consortium to 37.

Announcing its participation, Nordea said it is important to be involved in strengthening European financial autonomy and developing infrastructure to support cross-border payments, settlement efficiency and future opportunities in digital finance.

"A well-regulated and reliable stablecoin has the potential to become an important part of the future financial system," Nordea Chief Financial Officer Ian Smith said.

Stablecoins are digital currencies designed to maintain a stable value over time by pegging their price to an official currency. They are designed to operate as a digital equivalent of a currency and use the same blockchain technology as cryptocurrencies like bitcoin.

Qivalis is developing a stablecoin pegged to the euro, as it aims to offer an alternative to the largely U.S. dollar-denominated stablecoins currently in circulation.

European Central Bank President Christine Lagarde said earlier this month that of the $300 billion of stablecoins in circulation, the vast majority are denominated in U.S. dollars, with 90% controlled by two issuers, Tether and Circle.

"The growing argument is that to remain relevant, Europe must respond by promoting euro-denominated stablecoins of its own," she said. "Otherwise, it faces a future of digital dollarization and a loss of monetary sovereignty."

Qivalis plans to launch its coin in the second half of this year.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

May 20, 2026 07:04 ET (11:04 GMT)

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