A group of ten major European banks, including Italy's Banca Sella and UniCredit, plans to issue Qivalis, a MiCA-compliant stablecoin pegged to the euro and expected to go live in the second half of 2026. The initiative aims to bridge traditional finance and blockchain in a market where about USD 300 billion in stablecoins are mostly dollar-denominated, but some observers question its adoption prospects and transaction costs.

On 9 February, a new Euronext Milan segment dedicated to certificates tied to major cryptocurrencies will begin trading, giving investors indirect exposure to digital assets. The products will replicate the performance of coins such as Bitcoin and Ethereum without enabling spot crypto trading on the Milan Stock Exchange, and will operate within the current European regulatory framework. This move reflects growing investor demand and a cautious attempt by European finance to integrate crypto-assets into traditional markets.

According to the Blockchain and Web3 Observatory of the Politecnico di Milano, Italy closed 2025 with around 2.8 million crypto-asset holders, equal to 7% of the population, a lower share than France, Germany and Spain. The study also reports strong growth in stablecoins and blockchain projects, alongside a sizeable group of Italian consumers who are considering entering decentralised finance for the first time.