Major Banks Unite Behind MiCAR-Compliant Stablecoin
BNP Paribas is part of a ten-bank consortium backing Qivalis, a new Amsterdam-based joint venture preparing to issue a euro-backed stablecoin designed to meet EU regulatory standards under MiCAR. The effort marks one of the most coordinated attempts yet to create a European alternative to the dollar-dominated global stablecoin market.
The initiative brings together some of Europe’s largest financial institutions, including Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, UniCredit, and BNP Paribas. The group aims to build a compliant digital money infrastructure aligned with European regulatory frameworks rather than relying on U.S. dollar-based issuers.
The project plans to issue its first stablecoins in the second half of 2026, pending approval for an electronic money institution license from the Dutch Central Bank. The timing reflects the consortium’s intention to launch only after full alignment with MiCAR requirements.
Leadership Draws From Both Banking and Crypto Sectors
Qivalis will be led by Jan-Oliver Sell, formerly an executive at Coinbase Germany. His appointment signals a blend of traditional financial experience and digital-asset expertise at the core of the venture. Oversight will be provided by Sir Howard Davies, former NatWest chairman, who now serves as chairman of the Qivalis supervisory board.
The combination of senior banking leadership and crypto-native operational experience positions Qivalis to navigate regulatory architecture while building infrastructure suited for blockchain-based settlement.
Aiming For Instant Payments and European Strategic Autonomy
The stablecoin’s mission centers on enabling near-instant, low-cost payments and settlements by leveraging blockchain technology. The data indicates that the consortium views programmable digital money as essential to Europe’s long-term financial competitiveness, particularly in reducing dependence on U.S.-centric payment rails.
The venture also aligns with the EU’s broader push for strategic autonomy in digital payments, an area where European institutions have lagged behind global stablecoin providers.
A Coordinated European Shift Toward Digital Currency Infrastructure
With ten major banks pooling resources and regulatory expertise, Qivalis represents one of Europe’s most ambitious moves toward establishing a compliant, euro-backed digital asset. If successful, the stablecoin could introduce a new class of interoperable payment solutions within the region and reshape how institutions settle transactions across borders.
As the licensing process proceeds, Qivalis is set to become a central test case for Europe’s vision of regulated, blockchain-based financial infrastructure.