- An alliance of 12 major European banks is advancing a plan to issue a euro-denominated stablecoin called Qivalis, aimed at challenging the dominance of dollar-backed digital tokens.
- The stablecoin will be pegged 1:1 to the euro, with at least 40% of its reserves held in bank deposits and the remainder in high-quality short-term Eurozone government bonds.
- This initiative reflects a growing institutional interest in stablecoins, particularly for cross-border payments, amidst the evolving regulatory landscape in Europe starting in 2024.
