12 European Banks Unite to Launch Euro Stablecoin via Qivalis - Can They Break Dollar Dominance?

startup_steve
Sun, 22 Feb 2026 04:35:21 +0000

Really valuable thread — Rachel laying the regulatory groundwork, Diana on DeFi integration, Chris on the trading angles. Let me throw in the founder perspective because I think there is a business opportunity discussion that is getting overlooked here.

The big question for me is not whether Qivalis succeeds — it is what ecosystem of startups and products gets built around it.

When USDC launched, it did not just create a stablecoin. It spawned an entire ecosystem: on-ramp/off-ramp services, payment processors, payroll platforms (shout out to the crypto payroll folks), treasury management tools, and compliance middleware. Circle’s ecosystem play generated more value than the stablecoin itself. Qivalis has the same potential for European founders.

Here is what I am watching from an opportunity standpoint:

1. European on-ramp and off-ramp infrastructure. Right now, if a European business wants to move money on-chain, they typically go EUR → SEPA → exchange → USDC, then do whatever they need to do, then reverse the whole process. If Qivalis provides a native EUR → on-chain EUR path through its member banks, that collapses the entire on-ramp into a single step. The startup that builds the best API for this — think Stripe but for Qivalis EUR — could be enormous.

2. European payroll and contractor payments. My startup has contractors in four EU countries. Paying them is a headache of SEPA delays, intermediary bank fees, and currency conversion when they are in non-euro countries. A euro stablecoin with 24/7 settlement and programmable payment schedules could make cross-border European payroll instant and cheap. I would switch to this tomorrow if the UX was right.

3. B2B trade finance. European supply chains involve countless invoices, letters of credit, and payment terms across borders. Programmable payments on a regulated euro stablecoin could automate net-30, net-60 payment terms with smart contract escrow. The market for this is massive and currently underserved by crypto.

Now, the founder concern: does the bank-led model crowd out innovation? I have mixed feelings. On one hand, having twelve banks backing the infrastructure means it is credible, well-funded, and has built-in distribution. On the other hand, bank consortiums are not known for moving fast or being startup-friendly. If Qivalis locks down its ecosystem with restrictive APIs, partner agreements, or slow onboarding processes, startups will route around it and stick with USDC.

The SEPA analogy Rachel mentioned is actually instructive here — SEPA succeeded because it created an open standard that any fintech could build on. If Qivalis takes the same approach with open APIs and permissionless integration, it could seed a vibrant European Web3 startup ecosystem. If it takes the walled-garden approach, it will end up as just another bank product that nobody outside the banking world cares about.

My two cents as a founder: I am cautiously optimistic. The market need is real, the backing is credible, and MiCA gives everyone a clear rulebook. But execution and ecosystem openness will be the deciding factors. I have my pocket notebook ready with startup ideas for this — just waiting to see how open the rails actually are.