# Europe risks losing control of its financial future to the U.S. dollar unless it brings the euro onto blockchain rails, says Jan-Oliver Sell, CEO of bank-backed stablecoin project Qivalis.

*fintech · news · 2026-03-31 · CoinDesk*

## Key points

- Currently, the euro represents only 0.2% of onchain blockchain transactions, far below its global reserve status.
- Qivalis, backed by 12 leading European banks, aims to issue a MiCA-compliant euro stablecoin in 2024.
- The ECB's digital euro project will not launch before 2029 and differs fundamentally from Qivalis's private stablecoin.
- Qivalis addresses euro stablecoin fragmentation by uniting major banks to provide liquidity and unified infrastructure.
- European financial sovereignty is at risk as blockchain-based finance increasingly relies on dollar-denominated stablecoins.

**Companies:** ING, UniCredit, BBVA, Qivalis
**Countries:** Netherlands, Spain, Italy

[Read the full story on CoinDesk](https://www.coindesk.com/business/2026/03/31/europe-faces-digital-dollarization-without-a-euro-stablecoin-of-its-own-warns-qivalis-ceo)

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