A consortium of major European banks called Qivalis is holding advanced discussions with crypto exchanges and liquidity providers ahead of launching a euro-pegged stablecoin in the second half of 2026. The initiative aims to create a regulated alternative to U.S. dollar stablecoins for blockchain-based payments within the EU. Backed by bank deposits and sovereign bonds, the token seeks to enhance the bloc's autonomy in digital finance.
Qivalis, comprising 12 major EU banks including ING, UniCredit, BNP Paribas, CaixaBank, and BBVA, is developing a stablecoin pegged to the euro in compliance with the EU's Markets in Crypto-Assets (MiCA) framework. The group plans to introduce the token in the second half of 2026, with efforts focused on securing listings on regulated trading platforms to guarantee liquidity from launch.
According to Spanish business daily Cinco Días, Qivalis CEO Jan Sell stated that the consortium is in advanced talks with crypto exchanges, market makers, and liquidity providers. This includes discussions with both European and international venues to position the stablecoin for real-time cross-border corporate payments. Spanish exchange Bit2Me confirmed holding talks with one of the participating banks, though other platforms did not comment.
The stablecoin will maintain a 1:1 backing, with at least 40% of reserves in bank deposits and the rest in high-quality, short-term euro-area sovereign bonds diversified across EU countries. Reserves will be custodied by multiple highly rated credit institutions, and the design supports 24/7 redemption for holders. The Netherlands-based venture is seeking authorization from the Dutch central bank under MiCA.
This project seeks to provide EU businesses and consumers with euro-denominated options for blockchain settlements, reducing dependence on traditional financial systems or non-European providers. It aligns with broader EU goals for strategic autonomy in payments, offering an alternative to the dominant U.S. dollar stablecoins.
