37 major European banks are participating in 'Qivalis,' a joint venture for the issuance of Euro-based stablecoins, challenging the dollar stablecoin structure, the Financial Times (FT) reported. The FT explained, "Recently, 25 institutions, including Intesa Sanpaolo, Rabobank, and ABN Amro, have joined Qivalis. Qivalis hopes to increase the real-world usage of stablecoins by leveraging multiple institutions and their existing networks, and to gain a competitive edge over existing Euro stablecoins."
