Qivalis, the joint venture building a bank-backed euro stablecoin, has confirmed that its token will be issued on public Ethereum. The consortium now includes 37 banks across 15 European countries, including ING, UniCredit, BNP Paribas, BBVA, ABN AMRO, Rabobank, Intesa Sanpaolo, Nordea, and CaixaBank.

The launch still depends on an electronic money institution license from De Nederlandsche Bank, the Dutch central bank, under the EU's Markets in Crypto-Assets rules. Nothing can be issued until the license is granted, and no approval had been announced by mid-September.

The group is designing reserves with at least 40% held as bank deposits and the remainder in high-quality liquid bonds. Qivalis has said it aims to launch in the second half of 2026, a target that leaves limited time once a license decision arrives.

Choosing a public network rather than a private bank ledger means the token could be used by the same wallets and applications that already handle dollar stablecoins. The license decision is the next milestone, followed by which exchanges and payment firms support the token at launch.