European Banking Consortium Qivalis to Launch MiCA-Compliant Euro Stablecoin

BBVA has joined forces with a consortium of major European banks—including BNP Paribas, ING, and UniCredit—to FORM Qivalis, a joint venture aimed at issuing a euro-pegged stablecoin under the EU's Markets in Crypto-Assets (MiCA) regulation. Headquartered in Amsterdam, Qivalis seeks authorization from the Dutch central bank to operate as an electronic money institution, a prerequisite for stablecoin issuance.

The initiative targets blockchain-based payment infrastructure, enabling instant euro-digital asset conversion while reducing cross-border transaction costs and settlement times. By leveraging shared blockchain technology, the consortium aims to modernize interbank transfers and tokenized asset settlement, moving away from legacy systems.

This collaboration reflects a broader institutional shift toward regulated crypto solutions, with MiCA providing clear governance, solvency, and consumer protection frameworks. The stablecoin’s launch could accelerate institutional adoption of digital assets in Europe.