Europe’s Biggest Banks Unite to Launch Euro Stablecoin in 2026

Formed in September 2025, Qivalis is a joint venture backed by 12 major European lenders aiming to introduce a MiCA-compliant, euro-pegged digital token in the second half of 2026. As of March 2, 2026, the group is in advanced discussions with trading venues, market makers, and infrastructure partners to ensure deep secondary market liquidity from day one.

Consortium Expands Across Europe

The project began with nine founding members and has since grown into a pan-European coalition. Participating banks include BBVA and CaixaBank in Spain; BNP Paribas in France; DekaBank and DZ BANK AG in Germany; UniCredit and Banca Sella in Italy; ING and KBC in the Benelux region; Danske Bank and SEB in the Nordics; and Raiffeisen Bank International AG.

Leadership reflects both traditional finance and crypto-native experience. CEO Jan-Oliver Sell previously led Coinbase Germany, while CFO Floris Lugt served as Lead Digital Assets at ING Wholesale Banking. The supervisory board is chaired by Sir Howard Davies, former head of the UK Financial Services Authority and ex-chairman of RBS.

MiCA-Compliant Design With 1:1 Backing

Qivalis is awaiting authorization as an Electronic Money Institution from the Dutch Central Bank. Once approved, the token will be issued under the EU’s Markets in Crypto-Assets Regulation framework.

The stablecoin will be backed 1:1 by a mix of at least 40 percent bank deposits and high-quality, short-term euro-area sovereign bonds. Reserves will be held with regulated custodians, and token holders will have 24/7 redemption rights into euros.

The consortium describes the project as an “institutional-grade” payment rail. It is exploring the use of zero-knowledge proof technology to reconcile transparency requirements on public blockchains with strict European banking secrecy and compliance standards.

Multi-Chain Rollout Strategy

Technically, Qivalis plans to launch first on Ethereum mainnet using the ERC-20 standard, before expanding to Polygon for lower-cost transactions and to Base to tap into institutional DeFi liquidity.

Although deployed on public networks, the token will include a permissioned layer. Only pre-verified participants will be able to hold or transfer the asset, embedding AML and KYC checks directly into on-chain logic. The architecture is also designed to enable conditional payments through smart contracts, including automated supply-chain settlements triggered by digital documentation.

The roadmap emphasizes interoperability, aiming to allow simultaneous exchange of tokenized assets and euro payments across banking systems and blockchain networks on a single ledger.

Distribution and Liquidity Push

Qivalis intends to distribute the stablecoin through its shareholder banks to both corporate and retail clients. In parallel, it is prioritizing partnerships with MiCA-compliant trading platforms.

Spain-based exchange Bit2Me has reportedly held discussions with at least one consortium member. The group is also in talks with professional market makers to guarantee trading depth and price stability once secondary market activity begins.

Strategic Goal: A Euro Alternative to Dollar Stablecoins

The initiative comes at a time when US dollar-denominated stablecoins dominate global on-chain liquidity. Qivalis aims to provide a regulated euro alternative tailored for European institutions.

Key use cases include 24/7 cross-border B2B payments, programmable finance for automated settlements, and serving as the “cash leg” for tokenized real-world assets such as bonds and real estate. By enabling Delivery versus Payment on a single blockchain ledger, the consortium seeks to solve a long-standing friction point in digital asset markets.

Beyond efficiency, the project carries a broader geopolitical ambition: preserving Europe’s monetary relevance in the digital economy and reducing reliance on dollar-based stablecoin infrastructure.

Regulatory Timeline

The consortium announced its formation on September 25, 2025, expanded membership through late 2025 and early 2026, and formalized its supervisory board in January 2026 at Davos. Regulatory approval as an EMI is expected within six to nine months, with a commercial launch targeted for the second half of 2026.

If successful, Qivalis could become one of the first large-scale, bank-backed euro stablecoins to operate under the full MiCA framework – potentially reshaping how European institutions settle value on-chain.

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