Table of Contents
Qivalis, the consortium of 37 European banks building a MiCA-compliant euro stablecoin, will issue on the public Ethereum blockchain rather than a permissioned bank network. Ethereum Institutional confirmed the choice on September 8, 2026.
The consortium spans 15 European countries and includes ING, UniCredit, BNP Paribas, BBVA, ABN AMRO, Rabobank, Intesa Sanpaolo, Nordea, and CaixaBank. The token is designed to be backed one-to-one by euros held in bank deposits and high-quality liquid assets.
Nothing can launch until a licence arrives. Qivalis states it is not yet authorised and does not currently issue electronic money, with its Electronic Money Institution application still pending before De Nederlandsche Bank.
The public-chain decision is the significant part. European banks are choosing the environment where liquidity, users, and decentralised finance markets already exist, rather than building behind their own walls.
Key Takeaways
- Qivalis will issue on public Ethereum, confirmed September 8, rather than a permissioned bank network.
- The consortium spans 37 banks in 15 countries, grown from nine at incorporation in late 2025.
- An EMI licence from De Nederlandsche Bank is pending, and issuance cannot begin without it.
- Reserves are 1:1 in euros, with at least 40% in bank deposits alongside high-quality liquid assets.
- Launch is targeted for the second half of 2026, contingent entirely on approval.
Why the Chain Choice Matters
Banks entering tokenised money have generally preferred controlled environments. Swift's Digital Ledger is a permissioned layer, The Clearing House network is bank-operated, and most institutional pilots have kept assets inside closed systems, an architecture regulators have publicly favoured as we covered in our BIS Jackson Hole analysis.
Qivalis is doing the opposite. Issuing on public Ethereum places a bank-backed euro token in the same environment as USDC, USDT, and the decentralised finance protocols that give stablecoins their liquidity.
The reasoning is commercial rather than ideological. A euro stablecoin confined to interbank settlement competes with existing payment systems that already work, while one on a public chain can reach wallets, exchanges, and onchain applications where dollar tokens currently have no euro-denominated alternative.
Compliance is handled at the token layer instead. Qivalis is built on an ERC-20F standard with governance, anti-money-laundering, and identity controls embedded, and Fireblocks supplies the tokenisation engine, institutional custody, treasury management, and screening tools.
What Still Has to Happen
The licence is the binding constraint. De Nederlandsche Bank must authorise Qivalis as an Electronic Money Institution before any issuance, and DNB rules state that an EMI may not begin activities until permission is granted.
Qivalis is explicit about its own status. The Amsterdam-based company states that it is not currently authorised, does not issue electronic money, and provides no payment services to the public.
The timeline depends on a decision it does not control. Qivalis maintains a second-half 2026 target and has said it intends to launch immediately on approval, which leaves a narrowing window as the year progresses.
Details could still move. The final reserve structure, distribution arrangements, ticker, and operational model have not been published, and the consortium has not confirmed which chains beyond Ethereum will carry the token at launch.
Why This Matters for Stablecoins
Euro stablecoins have failed on distribution rather than regulation. Dollar-pegged tokens account for roughly 99% of the market, and existing euro options have launched from issuers without a route to ordinary users or corporate treasuries.
Thirty-seven banks change that variable. The consortium brings client relationships across 15 countries, which is the one thing a euro token has consistently lacked, and it does so under a framework designed for MiCA from the outset rather than retrofitted.
The structure also spreads risk. A consortium reduces single-issuer exposure compared with a fintech-issued token, though 37 institutions agreeing on product direction is structurally slower than one team deciding.
It arrives alongside a parallel dollar effort. Twenty-one institutions committed last week to a joint stablecoin company targeting a 2027 launch, covered in our bank consortium analysis, with several banks appearing in both.
Two Bank Strategies, One Week
The contrast with this week's other bank development is instructive. DBS and Citi settled a weekend cross-border payment on Swift's permissioned ledger using tokenised deposits, keeping money entirely inside the banking system.
Qivalis is taking the opposite route with the same goal. Both are banks responding to stablecoin competition, and one is building a closed alternative while the other is entering the open environment directly.
Regulators have signalled a preference between them. The Bank for International Settlements argued at Jackson Hole that tokenised deposits should carry the bulk of payments while stablecoins serve narrower roles.
European banks are not waiting for that argument to settle. Issuing a regulated euro token on the same rails as USDC is a bet that the open environment is where the market will be, whatever the preferred architecture turns out to be, a divide we map in our stablecoin infrastructure landscape.
Conclusion
Thirty-seven European banks choosing public Ethereum over a walled network is the most consequential detail in this announcement. It is a decision about where the market is, not about technology.
The regulatory position is unresolved and openly stated. Qivalis is not authorised, does not issue anything today, and cannot until the Dutch central bank decides.
The test after that is whether banking distribution converts into usage. A euro stablecoin with 37 institutions behind it and no users would be a better-funded version of the problem euro tokens have always had.
FAQ:
1. What is Qivalis?
Qivalis is an Amsterdam-based consortium of 37 European banks across 15 countries building a MiCA-compliant euro stablecoin. It was incorporated in late 2025 with nine banks including ING, UniCredit, and KBC, and expanded to 37 members in May 2026.
2. Which blockchain will it use?
Ethereum Institutional confirmed on September 8, 2026 that Qivalis will issue on the public Ethereum blockchain rather than a permissioned bank network. Third-party trackers list Ethereum as primary with Polygon and Base also referenced, though the consortium has not published a final multi-chain confirmation.
3. Is Qivalis live?
No. Qivalis states it is not currently authorised, does not issue electronic money, and provides no payment services to the public. Its Electronic Money Institution application is pending before De Nederlandsche Bank, and issuance cannot begin until that authorisation is granted.
4. How will the stablecoin be backed?
The token is designed to be backed one-to-one by euros, with reserves including bank deposits at a floor of at least 40% alongside high-quality liquid assets such as government bonds. Fireblocks provides the tokenisation engine, institutional custody, treasury management, and compliance tools including identity verification and screening.
5. When will it launch?
Qivalis is targeting the second half of 2026 and has said it intends to launch immediately upon approval. The timeline depends entirely on De Nederlandsche Bank's decision, and the final reserve structure, distribution arrangements, and ticker have not been published.
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.
