😱Wow! The European Banking Union is taking action: a currency sovereignty war against USDT

When ten of Europe's top banks (including BNP Paribas, ING from the Netherlands, etc.) formed Qivalis and announced the launch of a compliant Euro stablecoin in 2026, this is far from an ordinary product release. This is a strategic counterattack by the European financial establishment against the currency sovereignty in the digital age, directly targeting the dominance of USDT.

🤔Why is the 'Avengers Alliance' gathering at this time?

Behind it lies a deep strategic anxiety in Europe. The European Central Bank has long warned that the proliferation of dollar stablecoins could lead to 'digital dollarization' in the Eurozone, eroding monetary sovereignty and data control. At the same time, European banks have long lagged behind their American counterparts in innovation and market capitalization. The birth of Qivalis is a moat that the traditional financial system must build to regain control over payment channels and financial data.

In the short term, USDT's network effect and liquidity moat established by its first-mover advantage (accounting for about 99% of the stablecoin market value) remain solid. Global traders find it difficult to leave high liquidity trading pairs.

But in the long run, Qivalis is hitting the Achilles' heel of USDT — regulation and sovereignty.

Policy leverage: The EU can use MiCA to pave the way for compliant Euro stablecoins within its jurisdiction while setting usage barriers for non-compliant products.

The emergence of Qivalis marks the opening of a reconstruction of order led by traditional financial sovereign powers. It may not immediately overturn USDT, but it is striving to shift the rules of the game from the 'wild growth' of the barbaric wilderness to the 'licensed compliance' of the institutional arena. Understanding the changes at the table is more important than guessing the outcome of a single card.