Two Major Dutch Banks Join the Euro-Backed Stablecoin Agenda

Qivalis, the Amsterdam-domiciled consortium of European banks spearheading the effort to launch a euro-based stablecoin, is now richer by two banks. Not just any banks. According to the Financieele Dagblad local publication, ABN Amro and Rabobank have joined as Qivalis’ 36th and 37th members.

The news was followed by encouraging remarks from Quivalis CFO Floris Lugt, who said that “the potential of blockchain technology has consistently gone unrealized because banks did not support it. That is about to change.”

And it could change fast. As things stand, the only thing standing between Qivalis and the new token is approval from the Dutch Central Bank (DNB), which is still pending.

What Is Qivalis?

The Quivalis consortium has been at the forefront of Europe’s crypto U-turn. Formed in September 2025 by nine founding banks, Quivalis laid out a roadmap for launching a MiCAR-compliant stablecoin in the second half of 2026 under the supervision of the Dutch Central Bank. The consortium has always been open to new banks joining the effort, but few expected that, within months, the number of members would rise to nearly 40.

The latest additions, ABN Amro and Rabobank, are particularly noteworthy. Not only are they two of the three largest banks in the Netherlands (with ING being the third), but they are also joining the stablecoin initiative after years of flirting with digital assets.

ABN Amro famously dropped its Wallie crypto wallet program in January 2018, while Rabobank discontinued Rabobit six months later. The official reason in both cases was a lack of regulatory certainty. Unofficially, however, both banks considered their respective projects too risky at the time.

Dissenting Voices

Them joining Quivalis is another win for the proponents of digital currency in Europe. However, not all are on board with the crypto future.

Spoiling the party somewhat is the European Central Bank president, Christine Lagarde, who dropped cold water by saying that the case for the native Euro stablecoin is “far weaker than it appears,” and that “we know the dangers” of introducing digital assets.

In the recent speech she gave in Spain, Lagarde pointed out the interest rates argument (ECB interest rates losing relevance) and the confidence argument, saying that a wobble in confidence would trigger a cash-out rush and leave the stablecoin without backing.

Another fear of regulation, not necessarily proposed by Lagarde, is that the stablecoin market in the US might flood the EU with digital dollars, which would send shockwaves through Europe and undermine its existing monetary policy.

Meanwhile, Across the Pond

With the market growing to anywhere between $1.9 and $4 trillion in the next four years, according to Citigroup, the stablecoins debate is ramping up in the States, too. Under President Trump, regulators are moving toward a more structured framework for digital assets. Several proposals in Congress are moving towards clearing reserve requirements, licensing standards, and improving protections for both consumers and issuers of dollar-backed stablecoins.

Supporters argue that regulation could legitimize the sector and strengthen the global position of the US dollar in digital finance. That prospect worries some European policymakers. If US-regulated stablecoins become globally dominant before Europe launches a competitive alternative, dollar-backed tokens like USDC could become the default medium for digital payments across the continent, pushing the demand offshore as the US-backed dollar token spreads.

In response, projects like Qivalis, Appia, and Pontes are increasingly viewed as strategic financial infrastructure designed to preserve European monetary influence in the blockchain era. The flipside to that is the risk of rushed rollout or loss of confidence in reserve backing, which would expose the banking sector to new forms of digital risk.