Major European Banks Launch Qivalis to Issue Euro Stablecoin by Mid-2026

Forget waiting for central banks—Europe's financial heavyweights are taking digital currency into their own hands.

The Institutional Stampede Begins

A consortium of major European banks just fired the starting gun on Qivalis, a project aiming to launch a euro-pegged stablecoin by mid-2026. This isn't a fintech startup's moonshot; it's a coordinated move by the very institutions that currently control the continent's financial plumbing. They're building the bridge to a digital euro, but they plan to own the tollbooth.

Why This Changes the Game

This cuts through the regulatory fog and political dithering surrounding a central bank digital currency (CBDC). By 2026, these banks intend to offer a regulated, bank-backed digital euro that functions in the crypto ecosystem. It bypasses the slow, consensus-driven ECB process and delivers a product that meets market demand for programmable, instant settlements. Think of it as institutional DeFi with a suit and tie—and a full compliance department.

The Real Target

The play is clear: capture the stablecoin market before global giants or decentralized protocols completely dominate it. They're not just defending their turf; they're expanding it into the digital asset realm. It's a hedge against irrelevance and a direct bid to keep the euro competitive in a world where digital currency borders are being drawn. After all, what's a few billion in R&D compared to the risk of your currency becoming a digital backwater?

A Calculated, Cynical Masterstroke

Let's be real—this is traditional finance doing what it does best: seeing a disruptive trend, then meticulously packaging, regulating, and monetizing it. The promise is seamless integration between crypto and classic finance. The subtext is control. They're offering stability and trust, wrapped in the very governance that crypto purists sought to escape. It's the ultimate irony: the old guard using new tools to reinforce its position. The race for the soul of digital money just got a lot more interesting, and a lot more... corporate.

Ten major European banks have established Qivalis, a new Amsterdam-based company that plans to launch a euro-pegged stablecoin in the second half of 2026, according to an announcement made Tuesday.

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

The consortium includes ING, UniCredit, BNP Paribas, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International, with BNP Paribas being the most recent addition to the group originally announced in September.

Jan-Oliver Sell, former CEO of Coinbase's German operations and a Binance veteran, will serve as CEO, while former NatWest chair Howard Davies will chair the company. The venture plans to hire 45 to 50 employees over the next 18 to 24 months, Reuters reported.

The initiative represents European banks' response to rapid growth in the stablecoin sector, which has been dominated by U.S. companies. Tether, based in El Salvador, currently has approximately $185 billion worth of dollar-based tokens in circulation. However, the euro stablecoin market remains underdeveloped compared to its dollar counterpart. Societe Generale's SG-FORGE launched a euro stablecoin in 2023 but has only 64 million euros in circulation.

While Qivalis positions its token as enabling fast, low-cost payments and settlements, Davies indicated the initial application will focus on crypto trading. The company is seeking an Electronic Money Institution license from the Dutch central bank, with the approval process expected to take six to nine months.

"European businesses and consumers deserve a digital economy built for their success, and we will enable new opportunities for European companies and consumers to benefit from on-chain payments and digital asset markets in their own currency," Sell said in a LinkedIn post.

ING's digital assets lead Floris Lugt, who will become Qivalis's CFO, said the European Central Bank has been "very supportive" of the initiative, viewing it as aligned with Europe's goal of achieving strategic autonomy in payments infrastructure.

BNP Paribas is also participating in a separate stablecoin exploration involving ten other global banks, including Bank of America, Deutsche Bank, Goldman Sachs, and UBS.