Dutch Banks ABN Amro and Rabobank Join Euro Stablecoin Consortium Amid ECB Skepticism

Context Stablecoins are cryptocurrencies pegged to a reserve asset such as the euro or dollar to maintain a steady value. Today, over 99 % of the global stablecoin market is denominated in US dollars, with Tether (USDT) and Circle’s USDC holding the bulk of the supply. The euro‑stablecoin niche remains under 1 % of the roughly $150 billion total stablecoin market.

Key Facts ABN Amro and Rabobank have joined the Amsterdam‑based Qivalis consortium, which now includes nearly 40 European banks and plans to issue a euro‑stablecoin after gaining electronic‑money‑institution authorization from the Dutch central bank. ING was already a founding member. Floris Lugt, Qivalis’ CFO, said, “The potential of blockchain technology has consistently gone unrealised because banks did not support it. That is about to change.” Nearly all stablecoins worldwide are dollar‑denominated; Tether’s market cap stands at about $83 billion and USDC’s at roughly $28 billion, with both showing minimal 24‑hour price movement (USDT 0.0 %, USDC +0.1 %). Citigroup forecasts the global stablecoin market could reach $1.9 trillion in four years, or up to $4 trillion in an optimistic scenario. ECB President Christine Lagarde warned two weeks prior that euro‑stablecoins could weaken monetary policy transmission and pose redemption risks.

What It Means The consortium’s euro‑stablecoin would be backed by reserves held by participating banks, potentially enabling cross‑border payments and settlement of tokenised securities within a regulated framework. If authorized, it could provide a credible alternative to dollar‑stablecoins for EU users and reduce reliance on US‑issued tokens. Observers will watch for the Dutch central bank’s approval timeline, the stablecoin’s launch date, and any subsequent ECB policy responses regarding digital euro initiatives.