A coalition of ten leading European banks has formed a new company to issue a euro-backed stablecoin, aiming to challenge the dominance of dollar-linked digital payments.
Headquartered in Amsterdam, the newly created entity, Qivalis, plans to launch the token in the second half of 2026 under the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework, pending approval.
The consortium includes BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, KBC, Banca Sella, SEB, DekaBank, and Raiffeisen Bank International.
BNP Paribas confirmed its participation as part of a coordinated effort to establish a regulated route for euro-denominated digital payments.
Qivalis has also applied for an Electronic Money Institution (EMI) licence with the Dutch central bank, a requirement for issuing tokens fully backed by fiat reserves under MiCA rules.
Jan-Oliver Sell, formerly CEO of Coinbase Germany and an executive at Binance, has been appointed Qivalis’s Chief Executive Officer.
Sell said,
“A native euro stablecoin isn’t just about convenience — it’s about monetary autonomy in the digital age.”
He added that the token would offer European companies and consumers new ways to engage with on-chain payments and digital asset markets in euros.
Former NatWest chair Howard Davies has been named chair of the consortium.
The key executive team at Qivalis includes Floris Lugt, Sir Howard Davies, and Jan-Oliver Sell.
The Qivalis token is designed to operate fully on blockchain networks without relying on traditional payment systems.
The banks plan for it to support corporate payments, cross-border settlements, and digital asset transactions, including tokenised securities and cryptocurrency settlements.
Each bank may provide its own custody solutions or wallet services for clients interacting with the stablecoin.
Davies noted that the initial focus would be crypto trading.
“The token will provide near-instant, low-cost payments and settlements.”
Sell explained that the name Qivalis was chosen to convey trust, quality, and values, while being easy to pronounce across languages.
The move comes as US-based stablecoins dominate global markets.
Dollar-backed tokens such as USDT and USDC account for roughly $300 billion in circulation.
Euro-denominated stablecoins remain small by comparison, with EURCV from Société Générale valued at $62 million and Circle’s EURC holding an estimated supply of 330 million.
Regulators in Europe have expressed both caution and support.
ECB President Christine Lagarde has warned that privately issued stablecoins could pose risks to monetary policy and financial stability.
Meanwhile, Dutch Central Bank Governor Olaf Sleijpen highlighted potential risks for monetary control as the market expands.
ECB adviser Jürgen Schaafhe noted that euro stablecoins had a market capitalisation of less than €350 million ($407 million) as of July, representing under 1% of the global stablecoin market.
Qivalis expects its licensing process to take six to nine months, targeting regulatory approval ahead of the second half of 2026 launch.
The consortium plans to hire 45 to 50 employees over the next 18 to 24 months, with a third already onboard.
Floris Lugt, ING’s digital assets lead and incoming CFO of Qivalis, said the group has been in contact with the ECB, which he described as “very supportive,” particularly regarding European alternatives to US dollar-backed fintech stablecoins.
The development follows Tether’s decision to stop redemptions for its euro-backed token, EURt, on 25 November, citing MiCA compliance risks.
CEO Paolo Ardoino warned that the regulation posed challenges for stablecoin issuers operating in Europe.
As Europe moves to establish a euro-based digital payments infrastructure, Qivalis represents a major collaborative push by the region’s banks to provide an on-chain alternative to US-dominated stablecoins, aiming to strengthen monetary autonomy and support innovation within EU-regulated financial markets.
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