Why 12 European banks are teaming up to save the euro from digital dollarization

In an interview with CoinDesk, the CEO of a the 12-member consortium why Europe is racing to put the euro onchain and compete with dollar dominance in crypto markets. What to know : European banks warn that without a deep, liquid euro stablecoin, financial activity on blockchains will default to dollar-based tokens, threatening Europe’s financial and digital sovereignty. Qivalis, a MiCA-regulated euro stablecoin backed by 12 major EU banks, aims to become the default euro token on public blockchains and is targeting a launch in the second half of the year, pending regulatory approval. The project positions itself as complementary to the European Central Bank’s planned digital euro, seeking to ensure the euro retains its role as the world’s second reserve currency in an increasingly onchain financial system.