European Banking Giants Form Consortium to Launch Euro Stablecoin Qivalis by 2026

A consortium of ten major European banks, led by BNP Paribas, has announced plans to launch a euro-backed stablecoin under the new entity Qivalis, based in Amsterdam. This initiative aims to establish a secure, native digital payment standard for Europe, directly countering the dominance of U.S. dollar stablecoins and aligning with the EU's Markets in Crypto-Assets (MiCAR) regulation.

The venture is spearheaded by Qivalis, which has applied for an Electronic Money Institution (EMI) license from the Dutch Central Bank. The leadership team includes CEO Jan-Oliver Sell, former head of Coinbase Germany, and chair Howard Davies, former chair of NatWest, bringing significant regulatory and governance expertise. The consortium targets a launch in the second half of 2026, contingent on regulatory approval.

Strategically, the project seeks to create a blockchain-native payment infrastructure for near-instant, low-cost settlements, initially focusing on corporate and financial clients before broader adoption. It represents a push for European autonomy in digital payments, amidst global dynamics where the U.S. promotes dollar stablecoins and China cracks down on such assets. The consortium also plans to hire 45 to 50 specialists over the next 18 to 24 months to scale operations.