A group of ten major European banks has created Qivalis, a Netherlands-based company that plans to issue a euro-backed stablecoin from the second half of 2026. The consortium includes ING, UniCredit, BNP Paribas, CaixaBank, Danske Bank, DekaBank, KBC, Raiffeisen Bank International, SEB and Banca Sella.

Qivalis has started the process of obtaining an Electronic Money Institution licence from the Dutch central bank. The firm intends to launch a MiCA-compliant token that operates under Dutch supervision and sits fully within the EU regulatory framework.

Qivalis Euro Stablecoin Targets Dollar Token Dominance

The banking consortium wants to reduce Europe’s reliance on US dollar stablecoins, which currently dominate the global market. Recent estimates show that dollar-pegged tokens represent more than 99% of stablecoin capitalization while euro stablecoins account for only a small share, in the hundreds of millions of dollars.

By issuing a euro stablecoin, the banks aim to strengthen European monetary autonomy in digital markets. The token will seek to support 24/7 cross-border payments, on-chain settlement and programmable transactions for corporates, financial institutions and payment providers. Qivalis plans to design the coin so that it interoperates with existing banking and payment infrastructure rather than replacing it.

The consortium positions the project as an industry-wide response rather than a single-bank initiative. It expects the shared platform to avoid fragmentation that could occur if each member launched its own separate stablecoin. The group also remains open to additional banks joining the initiative.

Governance, Licensing and Regulatory Scrutiny Around Qivalis

Qivalis has appointed former Coinbase Germany managing director Jan-Oliver Sell as chief executive officer. Sell previously led efforts to secure a German crypto-custody licence from BaFin. ING’s former head of digital assets wholesale banking, Floris Lugt, will serve as chief financial officer, while former UK regulator and bank chair Sir Howard Davies will chair the supervisory board. All appointments still require regulatory approval.

The company plans to apply for authorisation as an Electronic Money Institution with De Nederlandsche Bank. The licensing process could take six to nine months, after which Qivalis expects to introduce its euro-pegged stablecoin in the second half of 2026, subject to supervisory clearance. 

European authorities continue to assess the systemic impact of large-scale stablecoin use. Officials at the European Central Bank and the European Systemic Risk Board have warned that rapid growth in foreign-currency stablecoins could affect monetary policy transmission and financial stability, especially where reserves sit in non-European assets.

The Qivalis consortium positions its project as a regulated alternative that keeps reserves in the euro area and aligns with the EU’s Markets in Crypto-Assets framework. Parallelly, the ECB continues work on the digital euro, targeting a possible launch around 2029.

Taken together, Qivalis and the digital euro represent a dual strategy. European policymakers and banks seek to modernise payments, support blockchain-based finance and reduce long-term dependence on dollar-based private tokens and non-European payment networks.

Also Read: EU Eyes Centralized Crypto Oversight While MiCA Approvals and Rules Accelerate