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A coalition of ten major European banks has officially established a new company, Qivalis, to issue a euro-denominated stablecoin marking one of the most significant steps yet by European traditional finance into digital assets. The stablecoin is scheduled for launch in the second half of 2026, pending regulatory approval as an Electronic Money Institution under EU rules.
The founding banks include well-known names such as ING, UniCredit, BNP Paribas, KBC, CaixaBank, Danske Bank, DekaBank, SEB, Banca Sella, and Raiffeisen Bank International.
The stablecoin project aims to offer a compliant, regulated European alternative to the U.S.-dominated stablecoin market, which has long been led by tokens pegged to the dollar. The planned euro-pegged token would leverage blockchain technology to enable fast, low-cost payments, cross-border transfers, and digital settlement all under the oversight of European regulators.
According to the consortium:
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The stablecoin will be issued by Qivalis, based in the Netherlands.
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The issuance is expected after obtaining an Electronic Money Institution (EMI) license from the relevant Dutch authorities, a process that could take six to nine months.
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The target launch window is early in the second half of 2026.
Why This Matters for European Finance and Crypto
The initiative reflects a growing urgency among European financial institutions to assert “strategic autonomy” in digital payments and crypto infrastructure rather than remain reliant on U.S.-based stablecoins like USDT or USDC. By issuing a euro-stablecoin, the consortium aims to:
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Provide a regulated, EU-compliant digital payment instrument;
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Facilitate cheaper and faster cross-border payments across euro-zone countries;
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Enable banks to offer added-value services such as custody, wallets, and integration with traditional banking infrastructure;
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Strengthen Europe’s position in the global stablecoin market and reduce dependency on non-euro currencies.
Given the backdrop of rising stablecoin adoption globally and increased regulatory clarity in many jurisdictions, the planned euro-stablecoin arrives at a strategic moment. Observers believe this could reshape how Europeans transact and hold digital assets perhaps accelerating adoption of tokenized payments, digital remittances, and blockchain-enabled financial products.
However, launching a regulated stablecoin is not without challenges. The new entity must comply with stringent regulatory frameworks such as MiCA (Markets in Crypto-Assets), ensure robust reserve backing, manage liquidity and redemption risks, and build trust among both banks and end-users. Still, the backing by major banks lends significant credibility to the project, which differentiates it from typical crypto-native stablecoin issuers.
If successful, the euro stablecoin could mark a turning point accelerating digital payments, enabling faster settlement, and providing a meaningful bridge between traditional banking and crypto infrastructure within Europe.
FAQs
1. What is the euro-pegged stablecoin announced by the banks?
It’s a digital token to be issued by Qivalis, a newly formed company backed by ten major European banks, pegged 1:1 to the euro and compliant with European financial regulation.
2. When is the stablecoin expected to launch?
The stablecoin is targeted to launch in the second half of 2026, subject to regulatory approval and licensing.
3. Which banks are participating in this project?
Banks include ING, UniCredit, BNP Paribas, KBC, CaixaBank, Danske Bank, DekaBank, SEB, Banca Sella, and Raiffeisen Bank International.
4. What are the main goals of the euro stablecoin?
The goals include enabling fast, low-cost euro payments and cross-border transfers, increasing Europe’s payment sovereignty, offering regulated digital wallets and custody services, and reducing reliance on U.S.-backed stablecoins.
5. What regulatory framework will govern this stablecoin?
The stablecoin will operate under EU regulation for crypto-assets, specifically MiCA, and Qivalis will seek an Electronic Money Institution (EMI) license from Dutch regulators before issuance.