The euro-denominated stablecoin project Qivalis has secured the backing of 37 banks.

CoinFeed reported on May 20th that, according to the Financial Times, Amsterdam-based Qivalis has secured the backing of 37 European banks for its yet-to-launch stablecoin, including BNP Paribas, ING, and UniCredit. The 25 newly added banks include ING, Intesa Sanpaolo, and Rabobank. This support, garnered by a single euro-denominated stablecoin project, makes it the most backed stablecoin in Europe, amid growing concerns among executives and policymakers about the consequences of the dollar's dominance in the crypto market. 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.