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Twenty-five additional banks. That’s what the qivalis project, an euro-backed stablecoin that’s been making waves in European banking circles for months, has just gained. The total now stands at 37 institutions involved — a significant number, especially considering that Christine Lagarde, President of the European Central Bank, has publicly expressed her reservations about such initiatives.
Among the newcomers are familiar names: Rabobank from the Netherlands, Bankinter from Spain, Handelsbanken from Sweden, and Nordea from Finland. Four sizable institutions, established in different markets with different banking cultures. That they all come together around the same project is no small matter. It says something about the current mindset in the sector — banks are looking not to miss the digital shift, and a euro stablecoin probably seems like a less risky bet than going it alone.
Lagarde skeptical, yet banks move forward
Lagarde’s position is well-known. Concerns about financial stability, questions about regulation — it’s the classic central bank discourse when faced with private digital currency initiatives. No surprises there. But what’s interesting is that 37 banks have decided to move forward despite this. Probably not against the ECB — no one wants to antagonize the ultimate regulator of the eurozone — but clearly not waiting for its green light either.
And that’s where it gets complicated. On one side, a project that’s growing quickly, with serious names involved. On the other, an ECB president who publicly says it worries her. The tension is real. It’s not yet clear how it will resolve.
The euro stablecoin market has long lagged behind dollar stablecoins. USDT and USDC have dominated global volumes for years, and euro-denominated alternatives have never really taken off. Qivalis clearly aims to change that — offering a stable, secure digital payment method anchored in the common European currency. The idea is simple on paper. The execution, much less so.
37 institutions, but what concrete steps?
The source does not specify the operational details of the project — no launch date, no clear technical structure, no information on who governs qivalis or how the reserves will be managed. That’s a big gap. For a stablecoin, the question of reserves is fundamental. Past debacles in the crypto world have shown that “backed by” can mean many different things depending on who’s speaking.
So 37 banks, yes. But 37 banks doing what exactly? Investing? Technically validating? Committing to distribute the stablecoin to their clients? It’s unclear. Probably a mix of all that, but without precision, it’s hard to weigh the real impact of these memberships.
What is certain is that the momentum exists. Rabobank is not a marginal regional bank — it’s a major player in the Netherlands with an international presence. Nordea, similarly, is one of the largest banks in the Nordic countries. When these institutions put their name on a project, they do so after analysis. They don’t play around.
Bankinter and Handelsbanken also bring useful geographic diversity — Spain and Sweden, two markets with quite different payment behaviors. If qivalis wants to establish itself as a pan-European solution, having banks in these countries is a good starting signal.
But European regulators will be watching. The MiCA regulation, now in effect in Europe, regulates stablecoins much more strictly than before. Any significant stablecoin issuer must obtain authorizations, maintain liquid reserves, and meet transparency requirements. Qivalis will have to go through this — and with 37 banks behind it, the project will likely be considered “significant” quite quickly.
The coming months will be decisive. Either the project moves towards a clear regulatory structure and Lagarde eventually adapts — or not. Or the frictions with the ECB slow everything down and some banks reconsider their position.
For now, 37 European financial institutions have said yes to qivalis. That’s the fact. Everything else, we’ll see.
Frequently Asked Questions
How many banks are participating in the qivalis project in total?
37 banks in total are involved in the project, following the addition of 25 new institutions. Among them: Rabobank, Bankinter, Handelsbanken, and Nordea.
Why is Christine Lagarde skeptical about qivalis?
The ECB president has expressed concerns about financial stability and regulation related to this euro stablecoin, although she has not formally blocked the project.
