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A consortium of European banks has progressed its initiative to issue a jointly backed euro-pegged stablecoin through the newly incorporated Amsterdam-based company Qivalis.
Originally announced in September 2025 with nine founding members, the group expanded to ten in December 2025 with the addition of BNP Paribas.
The stablecoin targets a launch in the second half of 2026, pending regulatory approval from the Dutch Central Bank (DNB).
Key Takeaways
- Ten major European banks formed Qivalis to issue a MiCA-compliant euro stablecoin in H2 2026.
- Stablecoin enables 24/7 instant cross-border payments and tokenized asset settlements.
- Initiative counters U.S. dollar stablecoin dominance exceeding 99% market share.
- Fully euro-backed reserves ensure regulatory compliance and redemption stability.
- Consortium open to new members; focuses on EU payment autonomy.
Consortium Details and Timeline
The founding banks include:
- ING (Netherlands)
- UniCredit (Italy)
- Banca Sella (Italy)
- CaixaBank (Spain)
- Danske Bank (Denmark)
- DekaBank (Germany)
- KBC (Belgium)
- Raiffeisen Bank International (Austria)
- SEB (Sweden).
- BNP Paribas joined on December 1, 2025, bringing the total to ten.
Qivalis operates as a dedicated entity seeking an Electronic Money Institution (EMI) license under the EU's Markets in Crypto-Assets Regulation (MiCA).
The licensing process is estimated at six to nine months.
CEO Jan-Oliver Sell, formerly of Coinbase Germany, leads the venture. The consortium remains open to additional European banks.
Objectives and Use Cases
The stablecoin will be fully backed 1:1 by euro reserves, ensuring redemption rights and compliance with MiCA requirements for reserves, transparency, and anti-money laundering controls.
Primary applications include:
- Near-instant, low-cost cross-border payments available 24/7.
- Programmable payments for automated transactions.
- Efficient settlement of tokenized securities, digital assets, and cryptocurrencies.
- Supply chain finance improvements through on-chain transparency.
Member banks can offer ancillary services such as wallets and custody solutions.
Strategic Context and Market Position
Dollar-pegged stablecoins dominate over 99% of the global market, valued at approximately $300 billion. Euro-denominated stablecoins currently total under $1 billion.
The initiative aims to reduce Europe's reliance on U.S.-issued tokens like USDT and USDC, enhancing strategic autonomy in digital payments. European regulators, including the ECB, have expressed concerns over foreign stablecoin growth impacting monetary policy transmission and financial stability if reserves are held outside the euro area.
Qivalis positions the stablecoin as a regulated, bank-backed alternative with reserves maintained within the EU.
Regulatory and Competitive Landscape
MiCA, fully effective for stablecoins since mid-2024, mandates strict reserve rules, third-party attestations, and supervision. Qivalis aligns with these standards, applying for DNB oversight.
The ECB continues development of a digital euro as a central bank alternative, while monitoring private stablecoin risks. Individual bank efforts, such as Société Générale's EURCV, exist but lack consortium scale.
This project represents broader institutional adoption, mirroring U.S. developments like JPMorgan's JPM Coin euro expansion.
Conclusion
The Qivalis initiative marks a tactical step toward bank-led digital euro infrastructure, prioritizing regulated innovation to capture growing stablecoin demand while preserving European financial sovereignty.
Read Next:
- 2025 Stablecoin Year-End Report
- Best Chain for Stablecoin Micropayments in 2026
- Best Stablecoin On/Off-Ramps for 2026 Compared
FAQs:
1. What is the Qivalis stablecoin?
A euro-pegged digital token issued by a consortium of ten European banks, backed 1:1 by euro reserves.
2. When will the stablecoin launch?
Targeted for the second half of 2026, subject to Dutch Central Bank EMI license approval.
3. Which banks are involved?
ING, UniCredit, BNP Paribas, CaixaBank, Danske Bank, DekaBank, KBC, Raiffeisen Bank International, SEB, and Banca Sella.
4. How does it comply with regulations?
Fully adherent to EU MiCA framework, with DNB supervision, segregated reserves, and AML controls.
5. What are the main benefits?
Low-cost, instant payments; programmable features; efficient on-chain settlements; reduced reliance on dollar stablecoins.
6. Is the consortium expanding?
Yes, it remains open to additional European banks joining.
Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
