Major Dutch banks reverse crypto policies and back EU stablecoin

ABN Amro and Rabobank have joined an Amsterdam-based consortium of 37 European banks that is issuing its own cryptocurrency, according to the Financieele Dagblad.

The move marks a significant shift in the stance of major banks in the Netherlands towards digital currencies and assets. The consortium, named Qivalis, plans to launch a euro-denominated stablecoin later this year. ING was already a founding member.

Stablecoins are cryptocurrencies that are designed to keep a stable value by being tied to a fixed asset like the euro or dollar. This prevents the volatile price swings seen in currencies like Bitcoin and Ethereum.

About 99% of the global stablecoin market is currently denominated in US dollars and dominated by US-based issuers Tether and Circle.

EU crypto U-turn

Qivalis’ chief financial officer Floris Lugt confirmed the number of participating European banks is now approaching 40, describing it as a “revolutionary moment”.
“The potential of blockchain technology has consistently gone unrealised because banks did not support it. That is about to change,” he said.

Qivalis is awaiting authorisation from the Dutch central bank to launch its stablecoin as an electronic money institution.

ABN Amro and Rabobank’s involvement marks a break from years of public caution. ABN Amro shelved its Wallie wallet pilot in 2018 and Rabobank dropped its Rabobit project a year later. All three Dutch big banks have rolled out regulated crypto investment products in 2026.

ECB pushback

The expansion comes two weeks after European Central Bank president Christine Lagarde used a speech in Spain to argue that the case for euro-denominated stablecoins is “far weaker than it appears”.

She warned that if savers shifted money out of bank accounts and into stablecoins, the ECB’s interest rate decisions would have less impact on lending and borrowing in the real economy.

She also said a loss of confidence in a stablecoin could trigger a rush to cash out in the EU, where protections are strongest – potentially leaving the funds backing the coin in Europe too thin to cover demand.

“We know the dangers. We do not have to wait for a crisis to prevent them,” Lagarde said.

Lugt told FD that Qivalis shared those concerns and was building a regulated alternative to address them.

Competing with US

US president Donald Trump is a major proponent of dollar stablecoins and views them as a way to entrench the dollar’s global dominance, FD reported.

The American bank Citigroup forecasts the global market growing to $1.9 trillion within four years, or as much as $4 trillion in an optimistic scenario.

European regulators fear that growth will leave the EU market flooded with digital dollars, undermining ECB monetary policy.

Qivalis CFO Floris Lugt told FD the project would offer a regulated euro-denominated alternative, with participating banks contributing capital and helping develop applications including cross-border payments and the settlement of tokenised securities.