In a landmark move for European financial innovation, a consortium of major European banks has formed a joint venture named Qivalis to launch a euro-pegged stablecoin, targeting a debut in the second half of 2026. The initiative, which began taking shape in September 2025, involves nine founding banks, including ING and UniCredit, with BNP Paribas joining later to bring the total to ten key institutions.
The consortium has incorporated Qivalis in Amsterdam and is seeking regulatory approval, specifically an electronic money license, from Dutch authorities under the supervision of the Dutch Central Bank. The stablecoin is being designed to be fully compliant with the European Union's Markets in Crypto-Assets (MiCAR) regulation.
Led by CEO Jan-Oliver Sell and Chairman Sir Howard Davies, the project aims to embed European values into digital commerce. The primary goal is to provide a regulated, low-cost, and near-instant solution for cross-border payments and cryptocurrency settlements, positioning it as a strategic European alternative to dominant US dollar-pegged stablecoins like USDT and USDC.
"The launch of a euro-denominated stablecoin, backed by a consortium of European Banks, represents a watershed moment for European digital commerce and financial innovation," stated Jan-Oliver Sell. "A native Euro stablecoin isn’t just about convenience – it’s about monetary autonomy in the digital age."
The initiative is framed as a step to preserve European economic independence and improve transactional efficiencies. By creating a native euro digital asset, the consortium seeks to reduce reliance on dollar-based stablecoins and enhance Europe's strategic autonomy in the rapidly expanding digital payments landscape. The project is currently focused on the regulatory process, with no immediate impact on existing assets, and represents a novel, bank-led strategy in the stablecoin sector.
