European Banks Unite to Launch Euro Stablecoin Amid Dollar Dominance Concerns
- The euro currently represents only about 0.2% of transactions on blockchain, despite being the second reserve currency globally.
- Qivalis, backed by a consortium of 12 major European banks including ING and UniCredit, aims to issue a MiCA-compliant euro stablecoin.
- The stablecoin project targets a launch in the second half of the year, pending regulatory approval from the Dutch central bank.
- Current global market capitalization for stablecoins is approximately $314 billion, with potential growth to between $800 billion and $1.15 trillion in five years.
- Qivalis aims to create liquidity and distribution for euro-denominated tokens across exchanges and DeFi platforms.
As financial activity shifts toward blockchain systems, the absence of a widely adopted euro stablecoin could lead Europe to rely heavily on dollar-based infrastructure, risking its financial sovereignty.
The goal is to position the euro as a competitive alternative in the digital space, aiming for it to regain its status as a significant global reserve currency alongside the dollar.(Source)
