Europe’s Move to Build a Stablecoin That Can Rival the Dollar

In 2026, Europe plans to launch its own digital coin tied to the euro. Major banks like ING and UniCredit have been working since late 2025 to create Qivalis, a stablecoin that follows Europe’s new crypto rules called MiCA. The aim is simple: give businesses and traders an alternative to dollar-linked tokens like USDT and USDC, which control nearly $200 billion of the market. France’s finance minister has pushed banks to keep building, saying Europe can’t keep relying on US dollars for digital money. Yet the volume of euro stablecoins today is tiny compared to dollar ones, and some leaders worry this gap could leave Europe behind in finance’s digital future. While euro-based tokens exist, none have reached the scale of their US rivals, which dominate trading and payments.Not everyone agrees stablecoins should offer interest. Some officials fear interest-bearing tokens could risk the financial system, similar to how risky loans once destabilized banks. The debate isn’t just in Europe—US lawmakers are still stuck on how to regulate stablecoin yields, tokenized stocks, and the ethics of digital finance. Meanwhile, Europe’s banks are racing to launch their euro coin on time, hoping MiCA rules will make it trusted worldwide.