Qivalis, a European stablecoin initiative, has expanded its membership to 37 banks across 15 countries, adding 25 new financial institutions. This expansion reflects a concerted effort by European banks to develop blockchain-based payment systems independent of U.S.-dominated networks. Notable new members include ABN Amro, Rabobank, and Nordea, joining existing participants like ING and BNP Paribas. The consortium plans to launch a euro-pegged stablecoin later in 2026, aiming to counter the dominance of dollar-backed stablecoins such as Tether, which holds a $190 billion market share. Qivalis CEO Jan-Oliver Sell emphasized the importance of European institutions building and governing their own financial infrastructure. Despite limited current demand for euro stablecoins, the initiative marks a strategic move by European banks to assert their presence in the digital payments landscape.