A consortium of 12 major European banks, including ING, UniCredit, and BBVA, has announced the launch of a euro-backed stablecoin, Qivalis, to counter the dominance of dollar-pegged stablecoins like USDT and USDC. The initiative aims to enhance Europe's financial sovereignty by increasing the euro's presence in blockchain transactions, which currently account for only 0.2% of onchain activity. The project seeks regulatory approval for a launch in the second half of the year. Qivalis, designed to be MiCA-compliant, intends to become the default euro-denominated token for global crypto markets. The stablecoin will serve as a bridge between blockchain technology and the euro, addressing fragmentation issues by uniting multiple banks under a single issuance. This move comes as the European Central Bank works on a digital euro, with Qivalis positioning itself as a complementary private solution to the ECB's centralized plans. The project underscores the urgency of establishing a euro-native asset on public networks to prevent structural dependence on dollar-based infrastructure.