10 Major Banks Launch Qivalis: The First Regulated Euro Stablecoin Consortium

Traditional finance just got a crypto wake-up call. A consortium of ten major banks has officially unveiled Qivalis—a regulated euro-pegged stablecoin designed to bridge the gap between legacy banking and the digital asset frontier.

Why This Move Matters

This isn't a side project. It's a full-scale institutional pivot. By pooling resources and regulatory heft, these banks are building a fortress of compliance and liquidity. They're aiming to create the go-to digital euro for everything from cross-border settlements to programmable finance—all while keeping regulators comfortably in the loop.

The Mechanics of Trust

Forget the 'wild west' reputation of some crypto assets. Qivalis is built on a foundation of full reserves, regular audits, and bank-grade governance. Every token is backed one-to-one by euros held in regulated accounts. It's a direct challenge to private stablecoin issuers, arguing that real trust comes from transparency and established legal frameworks—not just algorithm promises.

A Calculated Power Play

The launch signals a clear strategy: co-opt the technology before it disintermediates you. By moving together, these ten banks are trying to set the standard, control the rails, and capture the fees of the future digital economy. It's a hedge against irrelevance, wrapped in the familiar language of stability and regulation. After all, what's more traditional finance than a consortium deciding the future of money?

This move cuts through the speculation and goes straight for utility. It bypasses the niche crypto crowd to target the multi-trillion-dollar world of institutional finance. The race for the digital euro is on, and the old guard just showed up with a blueprint. Whether this becomes the backbone of Europe's financial future or just another costly compliance exercise—well, only time and transaction volume will tell.

Qivalis’ leadership and structure

Qivalis will be led by Jan-Oliver Sell, the former CEO of Coinbase Germany who also previously worked at Binance. His appointment signals a shift as banks tap crypto-native expertise to build regulated blockchain infrastructure.

Howard Davies, former Chair of NatWest, will serve as chair of the board. The company plans to hire 45–50 employees over the next two years, with roughly a third already in place.

To issue its stablecoin, Qivalis is applying for an Electronic Money Institution (EMI) licence from the Dutch central bank. The licensing process is expected to take six to nine months after the formal application.

The token will be structured to comply fully with the Markets in Crypto-Assets (MiCA) regulation, the EU’s comprehensive rulebook governing digital assets, covering reserves, disclosures and governance.

Why banks are taking this step

European banks have been closely watching the expansion of global stablecoins, which now underpin large volumes of crypto trading and are beginning to be used for on-chain payments. 

Many lenders see this as both a technological shift and a competitive threat: if transactions increasingly occur through privately issued, foreign-controlled tokens, Europe could lose influence over its own payment networks.

Floris Lugt, ING’s Digital Assets Lead and the incoming CFO of Qivalis, said the group has been in “ongoing contact” with the European Central Bank (ECB). 

While the ECB has repeatedly warned about the risks posed by privately issued stablecoins, it has shown openness toward regulated, euro-backed versions issued within Europe’s banking system. The ECB continues to work on a potential digital euro, although no official rollout timeline has been set.

Why it matters for the European market

Despite the consortium’s size, euro stablecoins remain a niche market. Société Générale’s token EURCV, launched in 2023, holds roughly €64 million, around $670 million, in circulation, while Circle’s EURC is the largest euro stablecoin but remains overshadowed by dollar-pegged counterparts.

Qivalis expects most early demand to come from crypto exchanges and institutional users seeking a regulated euro token for settlement. Wider adoption will depend on how quickly European companies, payment networks, and financial institutions embrace on-chain settlement technologies.

For now, the initiative highlights how Europe’s traditional banks, long cautious about crypto, are increasingly stepping into digital asset infrastructure in an effort to shape, rather than follow, the next phase of payments and financial technology.

Also Read: FDIC Prepares GENIUS Act Framework to Regulate Stablecoin Issuers