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According to CoinDesk, Jan-Oliver Sell, CEO of Qivalis, a euro stablecoin project supported by 12 major European banks, stated that if Europe cannot launch on-chain euro assets with deep liquidity, blockchain financial activities will default to using dollar stablecoins such as USDT and USDC, thereby threatening Europe's financial and digital sovereignty. The report pointed out that Qivalis is jointly promoted by 12 banks including ING, UniCredit, and BBVA, and plans to issue a MiCA-compliant euro stablecoin. The goal is to go live in the second half of this year after obtaining regulatory approval, positioning it as the "default euro token" on public blockchains to reduce euro stablecoin fragmentation issues.