Qivalis, an Amsterdam-based company, has garnered backing from 37 European banks for its upcoming euro stablecoin, according to ChainCatcher. This includes major institutions such as BNP Paribas, ING Group, and UniCredit Bank. The addition of 25 banks, including ING Bank, Intesa Sanpaolo, and Rabobank, highlights growing concern among executives and policymakers about the dominance of the U.S. dollar in the crypto market. The support makes Qivalis's euro stablecoin project the most backed in Europe. The company has applied for a license from the Dutch Central Bank and aims to be operational once the license is granted later this year.