A group of European banks is expanding its push into stablecoins amid concerns about the growing dominance of US dollar-backed crypto infrastructure in global finance.

Qivalis, an Amsterdam-based consortium developing a euro-pegged stablecoin, said on 20 May that 25 additional banks had joined the initiative, bringing total membership to 37 financial institutions across 15 countries, according to Reuters.

The new members include ABN Amro, Rabobank, Sabadell, Bankinter, Bank of Ireland, Handelsbanken, and Nordea. Existing participants already included major lenders such as ING, BNP Paribas, and BBVA, Reuters reported.

The expansion highlights how traditional European financial institutions are becoming increasingly concerned about the…