(Alliance News) - Qivalis is expanding its network to 37 financial institutions across 15 countries with the addition of 25 new banks, including Intesa Sanpaolo and BPER Banca, Il Sole 24 Ore reported on Wednesday.

The project aims to develop a euro-pegged stablecoin compliant with the European MiCA regulation, under the supervision of the Dutch central bank, to create a European on-chain payment and settlement infrastructure as an alternative to dollar dominance.

According to statements made to Il Sole 24 Ore by CEO Jan-Oliver Sell, the consortium is in talks with other banking groups and aims to launch the stablecoin in the second half of 2026, following its authorization as an electronic money institution in the Netherlands.

Planned use cases include international payments, trade finance, and the settlement of tokenized financial instruments for the wholesale market.

By Claudia Cavaliere, Alliance News reporter

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