10 EU Banks to Launch Euro-Pegged Stablecoin in 2026, Potentially Challenging USD Dominance
A consortium of 10 major European banks, including ING, UniCredit, and BNP Paribas, is set to launch a euro-pegged stablecoin under the Amsterdam-based entity Qivalis in the second half of 2026. The project, led by former Coinbase Germany CEO Jan-Oliver Sell, marks a significant institutional foray into the stablecoin market—a sector long dominated by dollar-pegged alternatives.
The move comes as global sentiment toward the US dollar shows signs of erosion, with nations increasingly exploring hedging strategies. While USD-backed stablecoins currently command the crypto market, the entry of bank-backed euro alternatives could reshape the landscape. Qivalis' institutional pedigree may attract investors seeking regulated alternatives to existing stablecoin offerings.
Market observers note the timing coincides with growing European financial integration efforts. The euro stablecoin initiative represents both a technological leap and a potential soft power play in the ongoing competition between reserve currencies.
