10 EU Banks Form Consortium to Launch Euro Stablecoin by 2026

Ten major European banks, including BNP Paribas, ING, and UniCredit, have united under a new Amsterdam-based entity called Qivalis to develop a MiCA-compliant euro-backed stablecoin. The initiative targets a mid-2026 launch, aiming to reduce Europe's reliance on dollar-denominated stablecoins, which currently dominate 99.58% of the $300+ billion market.

Qivalis has appointed a high-profile leadership team, including ex-Coinbase Germany MD Jan-Oliver Sell as CEO and former ING digital assets lead Floris Lugt as CFO. Sir Howard Davies, former Chairman of the UK's Financial Services Authority, will chair the Supervisory Board, pending regulatory approvals.

The MOVE reflects growing regulatory concerns about the marginal presence of euro-pegged alternatives, which represent just $649 million in circulation despite the eurozone's economic heft. The consortium positions the project as a strategic counterbalance to USD stablecoin dominance in global digital payments.