Qivalis, the initiative for a regulated euro stablecoin, has more than tripled its membership to 37 banks. All Nordic countries are now represented, with the exception of Norway. DNB, which was invited to participate from the start, currently remains outside the collaboration.
When the banking consortium was established last fall with 9 members, Danske Bank and Swedish banking giant SEB were among the 9. Norwegian DNB was informed about the plans but chose to stay out.
Since then, Qivalis has grown significantly and now includes most major Nordic banks. In addition to Danske Bank and SEB, we now also find Nordea, Handelsbanken, Swedbank, Jyske Bank, OP Pohjola, and Landsbankinn among the members. This means that all Nordic countries except Norway are represented in Qivalis.
"We at Nordea are pleased to join the Qivalis consortium. We believe a regulated euro stablecoin will play an important role in shaping the future financial infrastructure in Europe, and we look forward to contributing our expertise to this pioneering project," says Tino Kam, Nordea's Head of Payments.
Qivalis has been working since its inception in 2025 to issue a euro stablecoin that will be fully compatible with the EU's upcoming MiCA regulation for crypto assets. Before the latest expansion, the consortium consisted of 12 banks.
Now, an additional 25 banks have joined Qivalis, bringing the total number to 37 banks from 15 European countries. Among the new members, we find some of Europe's largest financial institutions, such as Spain's Santander, Italy's Intesa Sanpaolo, the Netherlands' Rabobank, and Germany's Deutsche Bank.
Trust is at the coreIn a statement on the company's website, Qivalis CEO Jan-Oliver Sell explains what drives the project:
"We exist to make digital money trustworthy. This is our mission: To provide a state-of-the-art, fully regulated, 1:1-backed euro stablecoin as a cornerstone of the future digital asset infrastructure, enabling innovation across payments, settlement, and digital assets."
The planned launch of the Qivalis token is set for the second half of 2026. With the significant Nordic and European backing, the project has now gained a weight that makes this a realistic ambition.
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