Europe’s 37-bank stablecoin push tests whether on-chain finance defaults to euros or dollars
The euro-denominated stablecoin consortium Qivalis has received backing from 37 banks across 15 countries, and the asset is planned to launch in the second half of the year. ING noted that stablecoins already serve wholesale cross-border payments and blockchain-based bond settlement, but most of that activity is denominated in US dollars, creating currency e...
Key takeaways
- 1Qivalis euro-stablecoin consortium backed by 37 banks across 15 countries, launching H2 2025.
- 2Most on-chain wholesale payments and bond settlements currently denominated in US dollars, not euros.
- 3Euro stablecoin aims to challenge dollar dominance in blockchain-based cross-border financial infrastructure.
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Why it matters
This challenges crypto's dollar hegemony and signals institutional adoption of alternative currencies on-chain. For Indian investors, it demonstrates how traditional finance is reshaping blockchain infrastructure through regional currencies, potentially affecting stablecoin trading pairs and payment settlement options.
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