A consortium of 10 major European banks has established a new company, Qivalis, to launch a euro-pegged stablecoin aimed at providing an alternative to U.S. dollar-dominated digital payment systems.
According to the consortium, the stablecoin is expected to launch in the second half of 2026, subject to regulatory approval and licensing. The initiative brings together BNP Paribas, ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International. BNP Paribas joined the group following the initial announcement.
Qivalis will be headquartered in Amsterdam. Jan-Oliver Sell, former CEO of Coinbase Germany, has been appointed Chief Executive Officer, while Howard Davies, former chair of NatWest, will serve as Chair of the Board. The company plans to employ between 45 and 50 staff over the next two years, with around one-third of roles already filled.
The stablecoin will initially target cryptocurrency trading and digital payments, offering near-instant, low-cost settlement. The consortium said additional use cases will be explored following the initial rollout.
The project comes amid rapid growth in the stablecoin sector, which remains dominated by U.S. dollar-backed tokens such as Tether. Euro-denominated stablecoins remain limited, with Société Générale’s SG-FORGE currently reporting approximately €64 million in circulation.
European regulators, including the European Central Bank, have expressed concerns that private stablecoins could divert deposits from regulated banks and influence monetary policy. Qivalis is seeking an Electronic Money Institution (EMI) license from the Dutch central bank and has engaged with the ECB, which has voiced support for a European-led payments solution to preserve strategic autonomy, according to sources familiar with the discussions.
The move reflects growing institutional interest in stablecoin issuance, as banks in Europe and the United States explore digital currency initiatives within regulatory frameworks.
