A group of ten major European banks has joined forces to issue a euro-pegged stablecoin, expected to reach the market in the second half of 2026. The initiative represents one of the most ambitious efforts yet to challenge the US dollar’s dominance in the stablecoin sector.
Information about the consortium first surfaced in September 2025, when participants included Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
BNP Paribas has now announced it is joining the initiative. The banks have established a new company, Qivalis, registered in the Netherlands. According to the group, the firm has already applied for an Electronic Money Institution (EMI) license.
Qivalis will be led by Jan-Oliver Sell, former CEO of Coinbase Germany and a former executive at Binance. Howard Davies, previously Chairman of NatWest, will serve as Chairman of the Board.
The company plans to expand its team to around 50 employees over the next eighteen months to two years and will operate out of Amsterdam.
Qivalis Aims to Bring a Fully MiCAR-Compliant Euro Stablecoin to Market
Qivalis will issue a new euro-denominated stablecoin designed to meet all MiCAR regulatory requirements. The project’s backers expect it to play a significant role in strengthening the euro’s presence in digital markets.
“The launch of a euro-denominated stablecoin, backed by a consortium of European banks, marks a turning point for European digital commerce and financial innovation,” Sell said.
He emphasized that a stable euro cryptocurrency provides both convenience and greater monetary autonomy for businesses and consumers, enabling seamless cross-border transactions within a trusted currency framework.
Euro-pegged stablecoins currently represent a tiny segment of the market. According to CoinMarketCap, they hold a combined capitalization of $605.2 million, dominated by Circle’s EURC. In contrast, dollar-denominated stablecoins reach $315.6 billion, underscoring the scale of the challenge Qivalis hopes to address.
The first Qivalis-issued euro stablecoin is expected to go live in the second half of 2026.