European bank consortium plans euro stablecoin issuance on Ethereum

Qivalis, a consortium formed by 37 major European banks to issue a euro stablecoin, plans to launch the token on Ethereum, according to Ethereum Institutional on X. The consortium plans to issue the stablecoin in compliance with the European Union’s Markets in Crypto-Assets regulation, or MiCA, and has applied for an electronic money institution, or EMI, license with the Dutch central bank. The launch is targeted for the second half of this year. Ethereum Institutional said that unlike some banking consortia that operate money tokens on private networks, Qivalis chose Ethereum, where DeFi markets and liquidity are already established.