The euro stablecoin project Qivalis has received support from 37 banks

According to the Financial Times, Amsterdam-based Qivalis has secured support from 37 European banks for its yet-to-be-launched stablecoin, including BNP Paribas, ING Group, and UniCredit. The newly added 25 banks include ING Bank, Banco di San Paolo, and Rabobank.

As executives and policymakers increasingly worry about the implications of the dollar's dominance in the crypto market, the support garnered by this single euro stablecoin project makes it the most supported stablecoin project in Europe. Qivalis has applied for a license from the Dutch central bank, hoping to obtain it in the second half of this year and aims to be operational when the license is issued.