European Banking Consortium’s Qivalis Stablecoin Launch in 2026: A Potential Challenge to USDT’s Dominance

A consortium of ten major European banks, including BNP Paribas, ING, UniCredit, and Danske Bank, is developing Qivalis, a euro-pegged stablecoin scheduled for launch in late 2026. This initiative represents a significant institutional move into the digital asset space, aiming to create a regulated, euro-denominated alternative to dominant dollar-pegged stablecoins like Tether (USDT) and USD Coin (USDC). The project is strategically positioned to align with the European Union's evolving regulatory framework for crypto-assets, including the Markets in Crypto-Assets (MiCA) regulation, which is expected to be fully implemented by then. This regulatory alignment could provide Qivalis with a competitive advantage in terms of compliance and trust within the European Economic Area. The leadership team underscores the project's serious intent, with Jan-Oliver Sell, former director of Coinbase Germany, serving as CEO, and Howard Davies, former chairman of NatWest, as chair. Their combined expertise in both traditional finance and cryptocurrency exchanges suggests a focus on bridging the gap between conventional banking and digital asset infrastructure. The launch of Qivalis could catalyze increased euro liquidity on blockchain networks, potentially reducing the eurozone's reliance on dollar-based stablecoins for decentralized finance (DeFi) applications and cross-border settlements. From a market perspective, the entry of such a well-backed, regulated stablecoin could intensify competition in the stablecoin sector, which has long been dominated by USDT. While Qivalis is specifically targeting the euro market, its success could pressure other currency zones to develop similar sovereign-aligned digital currencies, potentially fragmenting the global stablecoin market. For investors and practitioners, this development signals deepening institutional adoption and the maturation of the crypto asset class within traditional finance. It also highlights the growing importance of regulatory compliance as a key differentiator in the future of digital assets. The late 2026 timeline allows for extensive development, testing, and regulatory engagement, positioning Qivalis as a potentially major player in the next phase of stablecoin evolution.

European Banking Consortium to Launch Euro-Backed Stablecoin Qivalis in 2026

A consortium of ten major European banks—including BNP Paribas, ING, UniCredit, and Danske Bank—is developing Qivalis, a euro-pegged stablecoin slated for launch in late 2026. The project aims to challenge dollar-dominated stablecoins like Tether and USDC while aligning with EU regulatory standards.

Led by Jan-Oliver Sell (former Coinbase Germany director) as CEO and Howard Davies (ex-NatWest chairman) as chairman, the Amsterdam-based initiative seeks to strengthen European monetary sovereignty in crypto payments. Qivalis will target crypto exchanges and leverage blockchain infrastructure, with plans to scale to 50 employees within two years.

Phemex Launches Elite Trader Program to Incentivize Copy Trading Strategies

Phemex has unveiled its Elite Trader Recruitment Program, targeting professional traders who leverage copy trading to distribute strategies. The initiative offers performance-based rewards up to 2,000 USDT monthly, platform-issued trading bonuses, and a dual revenue model combining profit sharing and commission rebates.

The program integrates with Phemex's copy trading infrastructure, featuring smart execution controls and real-time performance analytics. Risk mitigation includes 100% loss compensation for first-time copiers—a MOVE likely to attract cautious retail participants.

By aligning incentives with sustained performance rather than short-term gains, Phemex positions itself competitively against exchanges like Binance and Bybit in the burgeoning social trading sector. The absence of upfront capital requirements lowers barriers for strategy providers.

Stablecoin Adoption Threatens US Bank Deposits, Standard Chartered Warns

Regional US banks face existential risks as stablecoins threaten to siphon $500 billion from traditional deposits by 2028. Standard Chartered's shock report reveals these dollar-pegged tokens are accelerating a silent bank run, with institutions like Huntington and Truist most exposed.

Emerging markets drive demand for crypto's safe-haven assets, outpacing developed economies' adoption three-to-one. The banking sector remains divided—some hail stablecoins as financial infrastructure evolution, while others warn of systemic instability.

Geopolitical tensions surface as crypto advocates clash with regulators. 'This isn't disruption—it's displacement,' remarks one Wall Street analyst, noting how blockchain-based dollars bypass traditional intermediation. The Federal Reserve now faces pressure to clarify its stance before Q2 2026.