BNP Paribas has joined a group of ten major European banks forming Qivalis, a Netherlands-based venture that plans to launch a euro-backed stablecoin by the second half of 2026, subject to regulatory approval. The consortium includes Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
The initiative comes as payments undergo rapid digital transformation and blockchain-based assets gain momentum across Europe. BNP Paribas said its participation reflects its strategy to explore new technologies for payments and digital assets, while working with peers to build shared market infrastructure.
Stablecoin to Comply with MiCA Regulation
The stablecoin will be designed to comply with the EU’s MiCA (Markets in Crypto-Assets) regulation and offer a European alternative to dollar-backed stablecoins that currently dominate the market.
Qivalis aims to issue a euro-denominated stablecoin backed 1:1 by safe reserves such as bank deposits and high-quality liquid assets. Operating “on-chain,” the token is intended to support near-instant, low-cost payments and settlements, initially targeting use cases such as crypto trading and tokenised asset settlement, before expanding into broader payment applications.
Leadership and Regulatory Approvals
The Amsterdam-based entity has applied for an electronic money institution licence with the Dutch central bank, De Nederlandsche Bank. Governance plans outlined in Qivalis’ press materials put former Coinbase Germany managing director Jan-Oliver Sell as CEO, with ING digital assets head Floris Lugt as CFO and former NatWest chair Sir Howard Davies as chair of the supervisory board, all pending regulatory approval.
Strategic Autonomy and Client Focus
BNP Paribas said the project aligns with Europe’s goal of “strategic autonomy” in payments by fostering homegrown digital payment rails built to European regulatory standards.
The bank is working with corporate clients to identify concrete use cases, with a focus on security, compliance, and long-term sustainability of blockchain-based payment methods.