Ten well-established European banks have suddenly teamed up to make some moves! 🏦

Traditional financial giants like ING and BNP Paribas have joined forces to launch a new company called Qivalis, with a clear goal: to roll out a euro stablecoin in 2026 that’s fully designed in accordance with the EU’s MiCA regulatory framework. Just by looking at their team lineup, you know they’re serious—the chairman is a veteran of the UK banking industry, the CEO previously ran the German market for a compliance platform, and the CFO was poached directly from ING’s digital assets division. This setup clearly shows they’re aiming for a compliance-driven breakthrough.

Their design approach is actually quite solid: every stablecoin is backed 1:1 by euro cash and high-quality bonds, fully meeting the requirements of the new EU regulations. More importantly, they’ve secured the endorsement and support of the European Central Bank, so in the future, there’s a strong chance they’ll form a complementary system with the digital euro.

Their product rollout plan is also pretty clear: in the first phase, they’ll launch trading pairs on crypto exchanges to gain a foothold, then move into enterprise cross-border payment scenarios, with the ultimate goal of connecting the entire supply chain finance ecosystem.

To be honest, the euro stablecoin market is only $64 million right now—a mere fraction compared to USD stablecoins. But the strategic intent behind Europe’s move is obvious: to reduce reliance on the US financial system and reclaim influence in the digital payments space.

Here’s the question:
Do you think this European initiative can truly challenge USDT’s dominance in the market? Or will it end up being all talk and no action—a flashy PPT project? 💭