BNP Paribas is among ten European banks that formed Qivalis in the Netherlands to issue a euro-backed stablecoin, aiming to deliver a regulated digital euro payment solution.
Ten European banks, including ING and UniCredit, have set up an Amsterdam company to issue a euro-pegged stablecoin intended to challenge U.S. dominance in digital payments. The initiative signals a coordinated push by incumbent banks to reclaim payment rails and accelerate euro-based digital transactions.
Aave Labs has obtained MiCA authorization in Ireland and rolled out Push, a fee-free euro-to-crypto bridge across the EEA. Push enables euro conversions into cryptocurrencies including Aave's GHO stablecoin, aiming to cut reliance on centralized exchanges.