Major European Banks Unite to Launch Euro Stablecoin as Qivalis Targets 2026 Debut
Forget waiting for the ECB's digital euro—a consortium of Europe's biggest banks is taking matters into their own hands. They're building Qivalis, a euro-pegged stablecoin designed to bypass traditional settlement delays and grab a slice of the booming digital asset pie. Target launch? 2026.
The Banking Brigade
This isn't some fintech startup's moonshot. We're talking about established financial heavyweights pooling resources to create a regulated, bank-backed digital euro. They're betting that their combined trust and compliance muscle can outflank both private stablecoin issuers and slow-moving central bank projects. It's a defensive play that looks an awful lot like an offensive one.
Why 2026 Matters
The timeline is aggressive. It signals these institutions aren't just exploring blockchain—they're committing to a product with a hard deadline. The move preempts broader regulatory frameworks and aims to set the standard for how a 'official' private-sector stablecoin should operate in Europe. They're building the rails before the regulators finish drawing the map.
Settling the Score
The core promise? Slashing the time and cost of cross-border transactions. Qivalis would live on a blockchain, enabling settlements in minutes, not days. For banks, that means freed-up capital and reduced counterparty risk. For corporations, it's a faster, cheaper way to move money across borders—a direct challenge to the legacy correspondent banking system, which still runs on fax-era efficiency.
The Finance Jab
It's a classic move: the very institutions that once dismissed crypto as a playground for criminals are now racing to mint their own version. Nothing soothes existential fear like the prospect of controlling the new money pipeline—and collecting the fees that flow through it.
The 2026 debut for Qivalis is more than a product launch; it's a statement. European finance is done watching from the sidelines. They're building their own stable, regulated on-ramp to the digital economy, and they're doing it on their own terms. The race to tokenize the world's money just got a powerful new entrant.
Leadership, Early Roadmap, and Market Context
Jan-Oliver Sell will lead Qivalis as CEO, with background knowledge from being a leader in Coinbase Germany, as well as previous experience with Binance. Howard Davies, the previous chairman of NatWest, will also join as its chairman, adding characteristic banking expertise.
At first, this stablecoin will facilitate near-instant, low-cost payment services for crypto trading. This is because, within the banking industry, priorities are shifting as the usage of stablecoins and blockchain technology grows. Currently, stablecoins that maintain a link with the dollar are most widely used, with Tether being the leading player.
Euro-detailed stablecoins, however, remain few. This is as evidenced by the relatively low usage of the Euro token launched by Societe Generale in 2023, as their solution is sought by the banks.
Regulatory Pressure and Strategic Motivation
European regulators remain concerned that private stablecoins might drain the banking system of its liquidity. However, the European Central Bank is working on a digital euro, although it also sees value in Europe-based stablecoin solutions run by established players.
According to Floris Lugt, the digital assets leader of ING and the soon-to-be CFO of Qivalis, the project has been of great interest to the ECB. This project fits well within Europe’s ambition of seeking strategic autonomy in payment systems, particularly against the backdrop of U.S. dollar-supported stablecoins that have seen a surge in the wake of legislation in America.
The initial banking group included ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International. BNP Paribas subsequently joined the group, adding strength to their bid. A group of 10 other global banks, including BNP Paribas, is contemplating making a similar move.
