Qivalis: A New Era for Euro Stablecoins
A consortium of 10 prominent European banks, including BNP Paribas, has established a new entity named Qivalis. This Amsterdam-based company is set to launch a euro-backed stablecoin by the end of 2026, operating under the authorization of the Dutch Central Bank. The initiative aims to bring a stablecoin fully compliant with Europe’s Markets in Crypto-Assets (MiCA) regulation to the market, pending final regulatory approval.
Backed by leading European banks – @BNP, @Caixa, @Danske, @deka, @ING, @KBC, @RaiffeisenBank, @SEB, @Sella, @UniCredit – Qivalis, domiciled in Amsterdam, is working toward DNB authorization as an Electronic Money Institution to build a digital economy that works for all. pic.twitter.com/Bd4sXnTeTC
— qivalis (@qivaliseu) December 2, 2025
Advancing Europe's Digital Monetary Autonomy
Jan-Oliver Sell, CEO of Qivalis, highlighted the strategic importance of this venture, framing it as a crucial step towards enhancing Europe's digital financial independence. Sell stated that a native euro stablecoin represents more than just a convenient payment method; it is a vital component for achieving monetary autonomy in the digital era. He believes that a regulated, euro-denominated stablecoin will create new opportunities for both businesses and consumers to engage with on-chain payments and digital asset markets using their own currency. This development occurs as the United States is set to implement its GENIUS Act, establishing the nation's first federal regulatory framework for payment stablecoins.
Regulatory Perspectives on Stablecoin Growth
While innovation in the stablecoin market is encouraged, regulators have expressed caution regarding its rapid expansion. Dutch Central Bank Governor Olaf Sleijpen has reportedly warned of potential challenges that the growing stablecoin market could present to monetary policy. A report from the European Central Bank in November supported this view, acknowledging that while current risks are limited, the sector's momentum necessitates careful observation. ECB advisor Jürgen Schaaf noted that euro-denominated stablecoins currently represent a small fraction of the global market, with a market capitalization below €350 million as of July, accounting for less than 1% of the worldwide stablecoin market.
Tether Withdraws from Euro Stablecoin Market
In a contrasting move, industry leader Tether announced its exit from the euro stablecoin market in November. The company ceased redemptions for its euro-pegged stablecoin, EURt, citing concerns about the risks introduced by MiCA regulations for issuers. Tether had previously indicated its intention to phase out support for the token nearly a year before this announcement.