Qivalis: European Banks Launch Euro-Pegged Stablecoin in 2026

A strategic alliance of major European banks is forging Qivalis, a groundbreaking initiative to launch a euro-pegged stablecoin in 2026. This ambitious project, spearheaded by nine banks, represents a significant shift in the global financial landscape, aiming to provide a real alternative to the USD and bolster the euro’s stability. The consortium’s formation signals a renewed focus on digital assets and monetary policy, driven by increasing demand for stablecoins. The project’s success hinges on the collaboration of institutions with deep expertise in banking, finance, and technology.

A Tenth Bank Joins the Consortium

Back in September, nine European banks, including ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International, announced a joint venture to develop and launch a euro-based stablecoin. This initial announcement, detailed in a press release, outlined a plan to issue a digital asset pegged to the euro (EUR). The banks’ commitment to this endeavor underscores the growing recognition of stablecoins as a vital component of the digital economy.

The Rise of Stablecoins and the Euro

Currently, stablecoins, primarily dominated by the US dollar (USD) – with USDT and USDC holding a substantial 85% of the market share – are largely reliant on the USD. The Qivalis consortium intends to offer a distinct alternative, providing a stable digital currency backed by the euro. This move is particularly relevant as the European Union is actively exploring frameworks for stablecoins, including the Markets in Crypto Assets Regulation (MiCAR), aiming to enhance the stability of digital assets within the bloc. The Netherlands’ ING and another member of the consortium, Caixabank, are already incorporated and named Qivalis, signifying a crucial step forward.

BNP Paribas’s Role

BNP Paribas, the second-largest bank in Europe and eighth largest globally, has joined the Qivalis consortium, further bolstering the project’s credibility. As a global systemically important bank (G-SIB) by the Financial Stability Board, BNP Paribas’s stability is integral to the financial system. The Netherlands’ ING and another member of the consortium, Caixabank, are also included in a lower category within the same regulatory framework.

The Amsterdam-Based Platform

The Amsterdam-based firm, Qivalis, is currently working to obtain an electronic money institution license from the Dutch Central Bank, seeking to launch the euro-denominated stablecoin in the second half of 2026. This launch will be compliant with the Markets in Crypto Assets Regulation (MiCAR), the EU’s framework for digital assets. The project’s success is contingent on securing the necessary regulatory approvals and demonstrating the stability of the stablecoin.

The CEO and the Innovation

Jan-Oliver Sell, who has previously held roles at Coinbase Germany and Binance, has been appointed as the CEO of Qivalis. He notes that the project is not simply about convenience but represents a fundamental shift in monetary autonomy within the digital age. The CEO emphasized the importance of a native Euro stablecoin, highlighting its potential to enhance the euro’s value and stability. Caixabank has stated its openness to further bank participation in the initiative.

The Supply and Growth

As of October, Bloomberg reported that PayPal’s PYUSD stablecoin had seen a sharp increase in growth since September, with DefiLlama highlighting a surge in $3.8 billion in supply. Bitcoin’s price, currently hovering around $92,800, has risen by over 7% in the last week, reflecting broader market trends. The rise in Bitcoin’s supply demonstrates the growing interest in stablecoins and the potential for increased adoption.

Key Keywords & Semantic Links

• Euro Stablecoin
• Stablecoin
• Digital Assets
• Banking
• Financial Stability Board
• MiCAR
• Bitcoin
• PayPal
• DefiLlama

FAQ

• What is Qivalis? Qivalis is a consortium of European banks launching a euro-pegged stablecoin in 2026.
• Why is this important? The project aims to provide a real alternative to the USD and bolster the euro’s stability.
• What is MiCAR? MiCAR is the EU’s framework for stablecoins.
• What is the current Bitcoin price? Bitcoin’s price is currently around $92,800.
• What are the key challenges for Qivalis? Securing regulatory approvals and ensuring the stability of the stablecoin.