37 major European banks join JV to issue euro stablecoin

Thirty-seven major European banks have joined a joint venture named Qivalis to issue a euro-based stablecoin, challenging the dominance of dollar-pegged stablecoins, the Financial Times (FT) reported. According to the FT, 25 institutions, including Intesa Sanpaolo, Rabobank, and ABN Amro, recently joined the venture. Qivalis aims to leverage the participation of these institutions and their existing networks to boost the stablecoin's real-world adoption and gain a competitive advantage over other euro stablecoins.