Major European banks, under the consortium Qivalis, are ramping up preparations for the launch of a euro-pegged stablecoin scheduled for the second half of 2026. The consortium, which includes heavyweights like ING, UniCredit, and BBVA, is in advanced discussions with crypto exchanges and liquidity providers to ensure a smooth distribution and adoption of the stablecoin.
A Strategic Move for European Financial Sovereignty
The Qivalis consortium, formed in September 2025, initially comprised nine major European banks. Since then, it has expanded to include BBVA, bringing the total to 12 members. The primary goal of the stablecoin project is to offer a regulated, domestic alternative to US dollar-denominated stablecoins, a move that underscores the European Union’s push for financial sovereignty and regulatory compliance.
Partnership with Crypto Exchanges and Liquidity Providers
According to Jan Sell, CEO of Qivalis and former head of Coinbase in Germany, the consortium is actively seeking partnerships with both European and international crypto exchanges and liquidity providers. This approach aligns with the project’s global vision and aims to facilitate real-time, cross-border business-to-business payments and global trade.
“It’s essential for our core use cases, such as facilitating real-time, cross-border business-to-business payments and global trade,” Sell emphasized. The consortium is particularly focused on partners that adhere to the European Union’s regulatory frameworks, including the Markets in Crypto-Assets Regulation (MiCA).
Regulatory Compliance and Security
Floris Lugt, Qivalis’s chief financial officer, detailed the stablecoin’s robust backing mechanism. The stablecoin will be backed 1:1 by reserves, with at least 40% held in bank deposits. The remaining reserves will be invested in short-term, high-quality euro-area sovereign bonds to minimize concentration risk. This structure ensures that the stablecoin remains stable and secure, a critical factor for institutional adoption and consumer confidence.
“The euro stablecoin will support 24/7 redemption for token holders, ensuring liquidity and accessibility,” Lugt added. The focus on regulatory compliance and security is a clear signal that Qivalis is committed to building a stablecoin that meets the highest standards of financial regulation.
Looking Ahead: A New Era in European Digital Finance
The launch of the Qivalis stablecoin is expected to mark a significant milestone in the evolution of digital finance in Europe. By providing a regulated, euro-pegged stablecoin, the consortium aims to enhance the efficiency and transparency of financial transactions while reducing reliance on foreign stablecoins.
As the project progresses, the involvement of major European banks and the focus on regulatory compliance suggest that the stablecoin could become a cornerstone of the European digital financial landscape. The coming years will be crucial for Qivalis as it navigates the complexities of global financial markets and regulatory environments.
The success of this initiative could have far-reaching implications, potentially reshaping the way businesses and consumers engage in financial transactions across Europe and beyond.
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