Euro-Denominated Stablecoin: A Controlled Revolution
- Marc Griffith
- Dec 3, 2025
- 2 min read
In the United States, an ecosystem of stablecoins not issued by banks dominates; in Europe, the push is driven by the need to regulate a rapidly expanding market. Banks can provide greater regulatory assurance and user trust, helping ensure the market stays within rules. Tessera closes with the possibility that, in the future, a “European Tether” could emerge, but acknowledges that banks offer a credibility and stability base not easy to match.
The birth (and the team) of Qivalis
This initiative could transform how companies, financial institutions, and consumers interact with cross-border payments, offering a new form of digital exchange pegged to a stable currency. Yet important questions remain: what levels of liquid capital will be required for the reserves? what governance protocols will ensure user protection? how will MiCAR regulation evolve and what impact will it have on traditional banks? and what role will the ECB play in developing common European standards? These topics require ongoing analysis, iterative collaboration among banks, regulators, and innovators, and constant assessment of operational and market risks.
Final reflections: a step toward a coherent European ecosystem
The birth of Qivalis marks an important chapter for financial innovation in Europe. If managed with transparency, adequate controls, and public-private collaboration, a euro-denominated stablecoin could accelerate the use of advanced payment solutions, reduce transaction costs, and enable business models based on programmable payments. For startups and fintech companies, the story serves as a case study on how clear regulations and partnerships between traditional banks can support the adoption of new technologies without exposing consumers to excessive risks.
Looking ahead to 2026-2027, there will be clear evidence of how the European ecosystem can structure and standardize stablecoin-based payment tools, while providing proper consumer safeguards and new growth opportunities for tech and financial firms.
