12 European Banks working under the confederation Qivalis Ventures have been developing a Euro stablecoin compliant with MiCA standards. The stablecoin is expected to launch around late 2026, most possibly in November.
Qivalis reportedly will have the power to track, freeze, and seize user assets in accordance with AML and KYC laws.
European institutions, both regulatory and commercial, have become wary of USD stablecoins such as USDC, USDT, PYUSD, and others. The Deputy Governor of the French Reserve Bank voiced his concerns last month.
A Euro stablecoin is expected to receive fast-track approval amid the growing dominance of USD stablecoins.
Source: A2Z Cryptocurrencies
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