Ethereum
European Banking Consortium Selects Ethereum for Planned Euro Stablecoin
A group of 37 European financial institutions confirmed plans to launch a fully backed euro stablecoin on the public Ethereum blockchain in 2026.
A consortium of 37 European banks operating through the joint venture Qivalis confirmed on September 8, 2026, that its upcoming euro-pegged stablecoin will be issued directly on the public Ethereum blockchain. The planned token is scheduled for release in the second half of 2026 and will be backed one-to-one by euros held in bank deposits and liquid assets.
By deploying on Ethereum rather than a private, permissioned banking ledger, the project will allow users to hold and transfer the token via public network wallets without centralized gatekeeping. Industry reporting highlighted the choice of a public decentralized infrastructure as the primary technical milestone for the project.
Founded in December 2025 by nine institutions—including CaixaBank, ING, UniCredit, and DekaBank—the consortium quickly expanded to include BNP Paribas, ABN AMRO, Rabobank, and Intesa Sanpaolo across 15 countries. The report notes that prospective users will need to evaluate issuer terms, redemption rights, and deposit insurance frameworks ahead of the token's rollout.
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