A consortium of 37 banks across 15 countries has backed Qivalis, a euro-denominated stablecoin set to launch in the second half of 2025, in a direct challenge to dollar dominance in on-chain finance. ING has highlighted that stablecoins are already handling wholesale cross-border payments and blockchain-based bond settlements, but the majority of that activity remains dollar-denominated, leaving European institutions exposed to currency risk. Qivalis aims to provide a regulated euro alternative that reduces this exposure and strengthens the euro's role in digital asset markets. The initiative reflects growing institutional concern that without a viable euro stablecoin, European financial infrastructure will remain structurally dependent on US dollar liquidity rails as blockchain-based settlement becomes more widespread.
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