A consortium of ten leading European banks has announced the formation of Qivalis, a company based in the Netherlands, with plans to issue a euro-backed stablecoin by the second half of 2026. The consortium includes prominent financial institutions such as ING, UniCredit, BNP Paribas, CaixaBank, Danske Bank, DekaBank, KBC, Raiffeisen Bank International, SEB, and Banca Sella. This initiative aims to create a stablecoin that complies with the EU regulatory framework and operates under Dutch supervision.
Targeting US Dollar Dominance in Stablecoins
The launch of a euro stablecoin aims to reduce Europe’s dependence on US dollar-pegged stablecoins, which presently dominate the market, accounting for over 99% of stablecoin market capitalization. In contrast, euro stablecoins represent only a fraction of this value, estimated in the hundreds of millions of dollars. By introducing a euro-backed token, the consortium seeks to enhance Europe’s monetary autonomy in digital markets, facilitating 24/7 cross-border payments, on-chain settlements, and programmable transactions for businesses and financial institutions.
Qivalis plans to ensure that the new stablecoin integrates seamlessly with existing banking and payment infrastructures. The consortium emphasizes that this project is a collaborative industry response, rather than a solitary effort from any single bank. They aim to avoid potential market fragmentation that could result from each member bank launching its own stablecoin. The consortium remains open to the participation of additional banks in the initiative.
Leadership and Regulatory Pathway
Qivalis has appointed Jan-Oliver Sell, former managing director of Coinbase Germany, as chief executive officer. Sell has previously led efforts to obtain a crypto-custody license from BaFin, Germany’s financial regulatory authority. The firm’s chief financial officer will be Floris Lugt, who previously headed digital assets wholesale banking at ING. The supervisory board will be chaired by Sir Howard Davies, a former UK regulator and bank chair. All appointments require regulatory approval.
The consortium plans to apply for an Electronic Money Institution license from the De Nederlandsche Bank, which may take six to nine months. Following this process, the launch of the euro-pegged stablecoin is expected in the latter half of 2026, contingent upon receiving necessary supervisory clearance.
European regulators are closely examining the potential systemic impacts of large-scale stablecoin use. Officials from the European Central Bank and the European Systemic Risk Board have highlighted concerns that rapid growth in foreign-currency stablecoins could disrupt monetary policy and financial stability, especially with reserves held in non-European assets. The Qivalis consortium positions its project as a regulated alternative, with reserves maintained within the euro area, aligning with the EU’s Markets in Crypto-Assets framework.
In parallel, the European Central Bank is advancing its own digital euro project, targeting a potential launch around 2029. Collectively, Qivalis and the digital euro represent a dual strategy aimed at modernizing payments, enhancing blockchain-based finance, and reducing reliance on dollar-based private tokens and non-European payment networks.
As these developments unfold, the consortium remains committed to fostering a robust, regulated digital currency landscape in Europe, prioritizing both innovation and stability in financial markets.
