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.
Discord is testing a rewards system called Orbs, giving users points for engaging with ads. These points can unlock digital perks and may help Discord strengthen its business model.
WeatherlyElon Musk is stepping back from his role championing D.O.G.E., citing political distractions and greater-than-expected challenges. He admitted the effort took more time and energy than anticipated, prompting his decision to withdraw.
KikyoExpedia has launched a new AI tool called Trip Matching that turns Instagram Reels into bookable travel plans. By sending a Reel to @Expedia, users receive a full itinerary based on the video’s content, making trip planning easier and faster.
WeatherlyGoogle Photos marks its 10th anniversary with a redesigned AI-powered editor, featuring smarter suggestions, improved "reimagine" tools, and easier album sharing for all users.
CatherineNorwegian brokerage K33 raised $6.2 million to buy Bitcoin and launch a Bitcoin treasury strategy. The company aims to use this to support new services like BTC-backed lending and expand its financial operations in the Nordic region.
Weatherly"Madam Ngo", a fugitive behind a massive crypto fraud, was caught in Thailand after scamming over 2,600 people. She now faces extradition to Vietnam for trial.
AnaisKazakhstan President Kassym-Jomart Tokayev has announced plans for “CryptoCity,” a hub to legalise crypto payments for goods, services, and real estate. The city will act as a regulatory sandbox for digital assets, integrating crypto transactions, digital IDs, and blockchain-based tax systems—advancing Kazakhstan’s digital economy vision.
CatherineThe SEC dropped its lawsuit against Binance after nearly three years of legal action over alleged securities violations. The case was closed as the new SEC leadership began easing its stance on crypto regulation.
WeatherlyTwo Russian crypto entrepreneurs were kidnapped in Buenos Aires and held for a $43,000 crypto ransom. They were assaulted and released within 24 hours after a friend paid. Interpol has issued a red notice for the suspects, who fled to the UAE.
KikyoParis Saint-Germain became the first major sports club to hold Bitcoin in its treasury, converting part of its cash reserves in 2024. The announcement boosted the PSG Fan Token price and reflects the club’s focus on digital finance for its young global audience.
Anais