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Amsterdam, December 3, 2025.
In a landmark move that could reshape global crypto flows, ten of Europe’s most powerful banks have formally incorporated Qivalis, an Amsterdam-based issuer that will roll out the eurozone’s first large-scale, bank-backed, MiCA-compliant euro stablecoin in the second half of 2026.
The announcement, confirmed Wednesday morning, ends months of speculation and elevates the project from rumor to regulatory reality.
Key Takeaways
- First major euro stablecoin with full banking-grade backing and MiCA compliance from day one
- Targeted launch window: July–December 2026 (immediately after MiCA stablecoin rules become enforceable)
- Non-profit utility model, revenues from reserve yields cover costs, no aggressive profit motive
- Potential to capture 5–10 % of global stablecoin volume within three years
- Direct competitive threat to offshore issuers like Tether (USDT) and Circle (USDC) in the eurozone
- Early pilots already planned with consortium members’ corporate and institutional clients
Who’s Behind Qivalis
The consortium now comprises ten systemically important institutions representing more than €12 trillion in combined assets:
- BNP Paribas (France), joined in the final stage, adding decisive firepower
- ING (Netherlands)
- UniCredit (Italy)
- CaixaBank (Spain)
- Danske Bank (Denmark)
- DekaBank (Germany)
- KBC (Belgium)
- Raiffeisen Bank International (Austria)
- SEB (Sweden)
- Banca Sella (Italy)
Leadership includes former Coinbase Germany CEO Jan-Oliver Sell as CEO, ex-ING digital assets head Floris Lugt as CFO, and Sir Howard Davies (former NatWest chairman) as board chair.
How the Stablecoin Works
- Issued as regulated electronic money (e-money token) under MiCA
- 100% backed by segregated, high-quality reserves (central-bank deposits and short-term government paper)
- 1:1 redemption guarantee in euros
- Real-time attestations and daily reserve reporting
- Multi-chain deployment starting with Ethereum, Polygon, and Base
- Primary focus: institutional treasury, cross-border settlement, and tokenized securities
Qivalis has already submitted its e-money institution license application to De Nederlandsche Bank (DNB) and expects approval within six to nine months.
The Bigger Picture: Ending Dollar Dominance
Euro-denominated stablecoins currently account for just $670 million in circulation, less than 0.3% of the $190+ billion USD stablecoin market.
Senior consortium sources described the initiative bluntly:
“This is about digital monetary sovereignty. European payments should not require a dollar detour every time they touch a blockchain.”
Remaining Challenges
- ECB continues to restrict direct central-bank account access for non-bank EMIs
- Retail demand for euro stablecoins remains underdeveloped
- Competing projects (Société Générale’s EURCV, StablR, etc.) are smaller and lack the same distribution muscle
Conclusion
Qivalis is more than another stablecoin, it is Europe’s coordinated declaration of independence in the digital asset space.
With regulatory clarity, unmatched banking firepower, and a crystal-clear 2026 timeline, the project has the potential to finally give the euro the blockchain presence it has lacked for years.
The stablecoin war just went continental.
Read Next:
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- Stablecoins for Carbon Credits
- Rise Stablecoin Payroll Review 2026
FAQs:
1. What is Qivalis and when will its euro stablecoin launch?
Qivalis is the Amsterdam-based company created by 10 major European banks to issue a fully regulated, 1:1 euro-pegged stablecoin under MiCA. The launch is scheduled for the second half of 2026.
2. Which banks are part of the Qivalis consortium?
BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, DekaBank, KBC, Raiffeisen Bank International, SEB, and Banca Sella.
3. Is the Qivalis stablecoin fully MiCA-compliant?
Yes, it will be issued as regulated electronic money with 100 % reserve backing, real-time audits, and supervision by the Dutch Central Bank, making it one of the first stablecoins designed from the ground up for full MiCA compliance.
4. Why are European banks launching a euro stablecoin in 2026?
To reduce dependence on U.S. dollar stablecoins, cut cross-border payment costs, strengthen the euro’s role in blockchain finance, and reclaim digital monetary sovereignty under the new MiCA framework.
5. How is Qivalis different from existing euro stablecoins like EURT or EURC?
It is issued and backed directly by ten of Europe’s largest banks (not offshore entities), operates under full EU banking regulation from launch, and benefits from the consortium’s massive distribution network and €12 trillion balance-sheet credibility.
