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…