European banks launch stablecoin to counter dollar dominance

Twelve major European banks are collaborating to launch Qivalis, a MiCA-regulated euro stablecoin, aiming to prevent the euro's marginalization in the burgeoning digital asset market. The consortium warns that without a robust euro-based digital currency, financial activity on blockchains will increasingly default to dollar-pegged stablecoins, jeopardizing Europe's financial sovereignty. Qivalis seeks to become the primary euro token on public blockchains, targeting a launch in the latter half of the year, pending regulatory approval. This initiative is positioned as complementary to the European Central Bank's digital euro project, ensuring the euro maintains its status as a major global reserve currency in an evolving financial landscape.