Consortium of 10 Banks Unveils Qivalis for Regulated Euro Stablecoin

Ten major European banks have formed Qivalis, a new entity aimed at launching a regulated euro stablecoin by 2026. The initiative seeks to reduce reliance on dollar-backed tokens like Tether’s USDT, which dominate the global crypto market. The consortium includes BNP Paribas, ING, UniCredit, and seven others, signaling a concerted effort to establish a homegrown alternative in Europe’s digital payments landscape.

Former Coinbase Germany CEO Jan-Oliver Sell will lead Qivalis, underscoring the banking sector’s pivot toward crypto-native leadership. The project will pursue an Electronic Money Institution (EMI) license in the Netherlands and operate under the EU’s Markets in Crypto-Assets (MiCA) framework, which mandates stringent reserve and governance standards.

Euro-denominated stablecoins currently lag far behind their dollar counterparts, with tokens like EURCV and EURC capturing minimal market share. Qivalis aims to close this gap, addressing European lenders’ concerns over dependence on foreign digital payment systems.