PANews reported on May 20 that, according to the Financial Times, Amsterdam-based Qivalis has secured the support of 37 European banks for its yet-to-be-launched stablecoin, including BNP Paribas, ING Group, and UniCredit. The 25 newly added banks include ING, Intesa Sanpaolo, and Rabobank.

As executives and policymakers grow increasingly concerned about the consequences of the dollar's dominance in the crypto market, the support garnered by this single-euro stablecoin project makes it the most backed stablecoin project in Europe. Qivalis has applied for a license from the Dutch Central Bank, hoping to obtain it in the second half of this year, and aims to be operational by the time the license is granted.