Three of the Netherlands’ biggest banks, including ING, ABN Amro, and Rabobank, are backing a new European cryptocurrency, set to launch later this year.
The project is called Qivalis, and it’s built around a stablecoin, which is a type of digital currency designed to hold a steady value by being pegged to a real one (in this case, the euro).
ABN AMRO and Rabobank joined the consortium earlier this week as part of a wave of 25 new banks announced, while ING was one of the founding members.
What exactly are stablecoins (and Qivalis)?
Unlike Bitcoin or Ethereum, whose values can vary wildly from one day to the next, a stablecoin is a form of cryptocurrency backed by collateral — like euros, dollars, gold, or copper.
According to De Nederlandsche Bank, this collateral makes the value of stablecoins far more reliable than regular cryptocurrency.
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In practice, they’re increasingly used by businesses to move money across borders quickly and settle financial transactions, without the time and cost factors of traditional banking.
However, the downside is that almost all stablecoins run on US dollars, which creates friction for European companies that want to transact in euros.
This is exactly the niche that Amsterdam-based Qivalis is trying to fill. Currently backed by 37 banks across 15 countries, the Dutch company wants to issue a euro-pegged alternative to the current stablecoins on the market.
“With over 25 additional banks joining, Qivalis is evolving into a genuinely shared European effort,” says Geert Wijnhoven, CTO of ING Wholesale Banking.
In his words, the project’s goal is to create a “common infrastructure that empowers clients to move value instantly, automate processes and operate seamlessly across borders in a more efficient way.”
Why are Dutch banks suddenly into crypto?
It’s a valid concern as, not too long ago, the Netherlands’ biggest banks wanted nothing to do with digital currencies.
ABN AMRO shelved a crypto wallet pilot “Wallie” in 2018, and Rabobank dropped a similar project (“Rabobit”) the year after. Now, they’re joining forces to help build a shared digital coin.
As reported by the FD, the sudden shift has a great deal to do with the situation in the US, where “dominant digital dollars” are being used to strengthen the “hegemony of American currency.”
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Currently, almost 98% of the global stablecoin market runs on US dollars, controlled by American companies. And, as more assets (such as bonds and property) start being traded digitally, Dutch banks want to be the ones building these projects, not watching the US do it.
According to Christine Lagarde, President of the ECB, “Europe must respond by promoting euro-denominated stablecoins of its own”, or else it’ll face “a future of digital dollarisation and a loss of monetary sovereignty.”
Needless to say, the more banks that participate, the more useful a euro coin becomes, with more liquidity, broader reach, and a greater chance it actually gets used beyond a European experiment.
The good news is that Qivalis is gaining real momentum within the EU, with the project going from 12 founding members to 37 in under eight months.
So, when can you actually use this euro stablecoin?
Qivalis is targeting a launch in the second half of 2026, but first needs approval from De Nederlandsche Bank (DNB) to operate as a licensed electronic money provider.
So, if you’ve got an account at ING, ABN AMRO, or Rabobank, you aren’t likely to see any updates yet.
Should the project launch this year, it could eventually mean faster, cheaper cross-border payments and a more reliable way to hold digital euros.
However, not everyone’s convinced of the need for an EU-regulated cryptocurrency. ECB president Christine Lagarde recently argued that “the case for promoting euro-denominated stablecoins is far weaker than it appears.”
But with 37 banks now committed and a DNB licence application in progress, Qivalis is pushing ahead regardless.
Would you use a euro stablecoin from your Dutch bank, or does crypto still feel too uncertain for you? Let us know in the comments!
