European banks counter digital dollarisation with Qivalis Euro Stablecoin
- 3 days ago
- 1 min read
A Future of Finance Interview with Jan-Oliver Sell, CEO of Qivalis
The euro is the second most important central bank reserve currency behind the US dollar. Yet it has lacked a Stablecoin presence commensurate with its international status: 99 per cent of Stablecoins are issued in US dollars and euros account for just 0.2 per cent of Stablecoins in circulation worldwide. 37 European banks from 15 countries have now joined forces to address that gap, supplying both the funding and the power to distribute a euro Stablecoin for use as an atomic settlement asset in on-chain payments, trade finance and corporate liquidity management as well as for settling tokenised securities, funds and real estate transactions. Their chosen vehicle is the year-old, Amsterdam-headquartered Qivalis consortium, which has applied to De Nederlandsche Bank (DNB) for authorisation as an Electronic Money Institution, which would empower the organisation to issue tokens under the Markets in Crypto-Asset Regulation (MiCAR) of the European Union (EU). Dominic Hobson, co-founder of Future of Finance, asked Jan Sell, CEO of Qivalis, how the Stablecoin will be backed and managed, what technologies it will be based on, what incentives the target audience have to use it and how it fits into a European capital market environment about to be transformed by the launch of the digital euro.
