In a landmark move for digital finance, a consortium of twelve major European banks has announced plans to launch a groundbreaking euro-pegged stablecoin in the second half of 2026. The consortium, operating under the name Qivalis, includes financial giants such as ING, UniCredit, BBVA, BNP Paribas, CaixaBank, DekaBank, DZ BANK AG, Banca Sella, KBC, Danske Bank, SEB, and Raiffeisen Bank International AG.
The initiative directly challenges the overwhelming dominance of U.S. dollar-based stablecoins like Tether (USDT) and USD Coin (USDC), which command a combined market capitalization exceeding $100 billion. In contrast, existing euro-pegged stablecoins represent only a fraction of that value.
The Qivalis stablecoin is being engineered from the ground up to comply with the European Union's Markets in Crypto-Assets (MiCA) regulation. It will be 100% backed by reserves, with a mandated structure of at least 40% held in bank deposits and the remainder in short-term eurozone government bonds. A key feature is a commitment to 24-hour redemption, providing users with constant liquidity.
The consortium is currently in advanced discussions with cryptocurrency exchanges, trading venues, and market makers to ensure deep secondary market liquidity from launch. Distribution will occur through a dual-pronged approach: leveraging the banks' own established customer channels and partnering with MiCA-compliant crypto exchanges. Spain-based Bit2Me is reportedly among the exchanges in discussions.
Technically, the token is planned for a multi-chain rollout, starting on Ethereum mainnet using the ERC-20 standard, before expanding to Polygon and Base. Although deployed on public networks, the token will include a permissioned layer where only pre-verified participants can hold or transfer the asset, embedding AML and KYC checks directly into the on-chain logic.
Leadership of the venture blends traditional finance and crypto expertise. CEO Jan-Oliver Sell previously led Coinbase Germany, while CFO Floris Lugt was Lead Digital Assets at ING Wholesale Banking. The supervisory board is chaired by Sir Howard Davies, former head of the UK Financial Services Authority.
The strategic goals are multifaceted: to provide a credible, regulated euro alternative for European institutions, facilitate 24/7 cross-border B2B payments, serve as the "cash leg" for tokenized real-world assets (like bonds and real estate), and preserve Europe's monetary relevance in the digital economy by reducing reliance on dollar-based stablecoin infrastructure.
Qivalis is awaiting authorization as an Electronic Money Institution from the Dutch Central Bank, with approval expected within six to nine months. A commercial launch is targeted for the second half of 2026, positioning it to be one of the first large-scale, bank-backed euro stablecoins operating under the full MiCA framework.
