The European Commission this week kicked off a review of the Markets in Crypto-Assets Regulation (MiCA), launching a public consultation that stays open until August 31. The timing isn't accidental — it comes as a consortium of 37 European banks, including BNP Paribas, ING, and UniCredit, moves ahead with a euro-pegged stablecoin project, aiming to challenge the dollar's grip on crypto markets.
What the MiCA review covers
Brussels is asking for technical feedback from crypto issuers, financial institutions, and EU public authorities. The goal: figure out whether MiCA is working as intended as crypto markets evolve. The consultation is a formal step — regulators want to hear if the rules help or hinder euro-denominated stablecoins specifically. Blockchain for Europe, an industry group, has already argued that euro stablecoins are safe but lag their US counterparts in competitiveness, and that MiCA reforms could fix that.
The Qivalis consortium and its euro stablecoin
Qivalis launched in Amsterdam last year. It's a consortium built around a simple premise: get a euro-pegged stablecoin that European banks can actually use. Today it counts 37 banks as supporters. CEO Jan-Oliver Sell says the project is about European sovereignty — a frank assessment that the current system leans too heavily on dollar-backed tokens. He's now talking to non-European banks in remittance-heavy regions about expanding the network.
The consortium's pitch isn't abstract. These banks want the stablecoin for cross-border payments, collateral management, and settlements — the boring, high-volume stuff that keeps markets running. If it works, it gives European finance an alternative to US dollar stablecoins like USDC and USDT.
Why bankers worry about dollar dominance
European bankers have been grumbling for a while that the crypto market runs on dollars. That creates a dependency they don't love, especially for eurozone institutions. A euro-pegged stablecoin, they argue, would let them settle trades and move money without constantly converting through a dollar token. It's a sovereignty argument dressed up in technical specs.
What happens next
The Commission will collect comments through the end of August. Any MiCA amendments would come after that, likely in 2027. Meanwhile, Qivalis is working to get its stablecoin live — no launch date announced yet, but the bank lineup suggests it has the institutional weight to move fast. One unresolved question: will regulators see the consortium's project as complementary to MiCA, or as a test case the review was designed to handle?
