37 European Banks Are Bringing A Euro Stablecoin To Ethereum The stablecoin market is still overwhelmingly dollar-based, but Europe is trying something different. A consortium called Qivalis, backed by 37 financial institutions across 15 EU countries, just received regulatory authorization to issue a euro-pegged stablecoin. The plan is to launch on$ETH in November. Here's what caught my attention: this isn't another crypto startup trying to convince banks to use its token. It's the banks building their own onchain payment infrastructure. With dollar-denominated assets accounting for more than 98% of the stablecoin market, there's definitely room for alternatives. Whether people actually use it is another question. Getting 37 banks involved is impressive. Getting their customers to move money onchain would be the real achievement. #ETHBlockchain #ETHFoundation