- Ten major European banks have created Qivalis to issue a euro‑denominated stablecoin.
- The token will be fully backed by euro reserves and regulated under the EU MiCA framework.
- Qivalis is based in Amsterdam, seeks an e‑money licence and targets launch in the second half of 2026.
- The project aims to boost Europe’s monetary autonomy and modernise cross‑border payments with blockchain.
The European banking sector is preparing a notable move into the world of digital assets with the launch of a new euro‑denominated stablecoin planned for the second half of 2026. Behind this initiative stands Qivalis, a company created by a consortium of leading banks that want to reshape how money moves across borders in Europe using blockchain technology.
Rather than leaving the field to US‑dollar tokens and big tech players, these institutions are building a bank‑backed infrastructure for digital euros that promises faster settlement, round‑the‑clock availability and strict regulatory oversight. The project is framed as a response to shifting customer behaviour and as a way to defend Europe’s monetary autonomy in an increasingly digital economy.
The Qivalis consortium: ten European banks behind a shared euro stablecoin
Qivalis brings together ten prominent European lenders that have decided to cooperate instead of competing on separate closed systems. The founding group includes CaixaBank, Banca Sella, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB and UniCredit.
The line‑up has recently been strengthened by the arrival of BNP Paribas, one of Europe’s largest banks by assets. Its entry lifts the number of partners to ten and sends a signal that this is not a niche experiment but a project with clear systemic ambitions in the field of digital payments and asset settlement.
Several of these banks had already been exploring blockchain and tokenisation in-house, but with Qivalis they are pooling their efforts to create a shared market standard for a euro stablecoin. Instead of each bank issuing its own proprietary token, the consortium wants a common instrument that can be used across institutions and applications.
The initiative is widely seen as part of a broader push by European finance to regain ground in an ecosystem where dollar‑based stablecoins dominate transaction volumes. By launching a robust euro alternative, the group hopes to offer corporates, financial institutions and potentially consumers a credible digital option anchored in the EU’s regulatory framework.
The project also speaks to strategic concerns in Brussels and across the eurozone about over‑reliance on non‑European infrastructures for critical financial rails. A jointly issued, bank‑backed euro token is intended to support Europe’s long‑term monetary and technological independence in the digital age.
Based in Amsterdam and fully aligned with MiCA
Qivalis has been formally established as a new company headquartered in Amsterdam, a choice that reflects both the Netherlands’ active stance on fintech supervision and the presence of the Dutch central bank (DNB) as a key regulator in the crypto‑assets space.
The firm has already begun the process of applying for an e‑money institution (EMI) licence with DNB. This authorisation is essential because the stablecoin will be fully backed by fiat reserves, held in euros, and must comply with the requirements set out in the EU’s Markets in Crypto‑Assets (MiCA) regulation.
MiCA, which has started coming into force across the European Economic Area, creates a harmonised rulebook for issuers of stablecoins and other crypto‑assets. Qivalis intends to operate squarely within this framework, offering a token that is regulated from day one rather than experimenting in legal grey zones.
Once licensed, Qivalis will be able to issue its euro stablecoin for use across all 27 countries of the European Economic Area. This passporting effect is particularly important for a project that aims to be an infrastructure for cross‑border payments and settlements, since it allows the same instrument to circulate freely between different national banking systems under one set of rules.
If the current timetable holds, the launch of the Qivalis stablecoin is targeted for the second half of 2026. That window gives regulators, banks and technology teams time to complete the licensing review, finalise technical integrations and run pilots before scaling up to full commercial use.
How the Qivalis euro stablecoin will work
According to the banks involved, the Qivalis token is being designed as a fully collateralised stablecoin denominated in euros. For every token issued, there will be an equivalent amount of euros held in reserve, ensuring that users can redeem their holdings at par.
The stablecoin will operate natively on blockchain networks, rather than via traditional payment systems retrofitted for digital assets. This architecture is intended to support near‑instant settlement, 24/7 availability and compatibility with a wide range of decentralised and institutional applications.
Initial use cases focus on corporate payments, treasury operations and interbank settlement. Companies could use the token to pay suppliers or partners in different EU countries without the delays and fees associated with correspondent banking channels, while financial institutions could use it as a high‑quality settlement asset for tokenised securities.
The consortium has also highlighted the potential of programmable payments. By embedding conditions directly into smart contracts, firms may be able to automate complex workflows: for example, only releasing funds when goods are delivered, milestones are verified or specific data feeds confirm that pre‑agreed criteria have been met.
Beyond speed and automation, the project is being framed as a way to bring the stability of bank‑grade balances into the digital asset environment. Instead of relying on opaque structures, users would know that the token is issued by regulated institutions, backed by audited reserves and subject to prudential oversight.
Leadership team with both crypto and regulatory experience
To steer Qivalis from concept to commercial launch, the consortium has assembled a management team that bridges traditional finance and the crypto industry. The aim is to combine hands‑on experience with digital assets with a solid understanding of banking supervision and risk management.
At the top of the organisation, Jan‑Oliver Sell will serve as chief executive officer. He previously led Coinbase’s operations in Germany, where he played a central role in securing the first crypto custody licence from BaFin, the country’s financial regulator. His background is expected to help Qivalis navigate the technical and regulatory challenges of issuing a large‑scale stablecoin.
On the financial side, Floris Lugt has been appointed chief financial officer. Before joining Qivalis, he headed wholesale digital assets at ING, working on projects related to tokenisation, treasury and risk. His experience managing balance sheets and regulatory capital is seen as crucial for designing a robust reserve and liquidity framework for the new token.
Oversight will be provided by Sir Howard Davies, who chairs the supervisory board. Davies is well known in European and UK regulatory circles, having been the first head of the UK Financial Services Authority and later serving as chair of RBS. His presence is intended to anchor Qivalis in a culture of strong governance, compliance and investor protection from its first day of operation.
In public comments, Sell has described the project as a potential “turning point” for European digital finance, arguing that a bank‑backed euro stablecoin could become a cornerstone of future payment and asset‑settlement infrastructure. At the same time, the team has kept the messaging cautious, stressing that the stablecoin will be rolled out gradually and in close coordination with supervisors.
Europe’s answer to dollar‑dominated stablecoins
For policymakers and market participants alike, one of the most striking aspects of the initiative is its explicit focus on reducing Europe’s dependence on US‑dollar stablecoins. At present, the overwhelming majority of global stablecoin volume is tied to the dollar, leaving euro‑based options with a relatively small footprint.
European regulators have voiced concern that this imbalance could translate into strategic vulnerabilities for the eurozone, particularly if critical payment flows and digital asset trades rely heavily on infrastructures based outside the EU. The Qivalis project is framed as one contribution to rebalancing this landscape.
The consortium has been clear that the stablecoin is not just about convenience or faster payments. In their words, a euro‑denominated token is also about preserving monetary autonomy in a digital era, ensuring that European businesses and citizens can transact and settle in their own currency using modern rails.
By operating under MiCA and national supervision, Qivalis aims to provide a regulated European alternative to private, offshore structures that have dominated the first wave of stablecoins. If successful, this could encourage other players in the region to build services on top of a common, euro‑anchored settlement layer.
The project also aligns with broader efforts in the EU to foster secure, transparent and competitive digital finance, complementing work on central bank digital currencies and other public‑sector initiatives without directly replacing them.
An open ecosystem with room for more banks
Although the founding group already includes ten prominent institutions, Qivalis is being built with a clear open‑architecture mindset. The consortium has indicated that additional banks will be welcome to join, provided they meet governance and compliance standards.
This openness contrasts with some national strategies where single banks or small clusters develop closed, proprietary tokens limited to their own ecosystems. In the case of Qivalis, the ambition is to create a shared standard that multiple institutions can rely on for day‑to‑day payments, settlement and tokenised markets.
The expectation is that competition will shift away from the core infrastructure—where participants collaborate—towards value‑added services layered on top. Each bank would be free to build its own wallets, treasury tools, liquidity solutions or corporate platforms using the Qivalis stablecoin as the underlying settlement asset.
This model could encourage a richer ecosystem of fintechs, corporates and financial intermediaries using a common digital euro rail, while still allowing differentiation and innovation at the service level. It may also help increase the token’s liquidity and utility as more institutions commit to integrating it into their operations.
As technical and legal preparations continue, the group has kept the door open for dialogue with other stakeholders, including potential new banking members, regulators and market infrastructure providers interested in integrating the upcoming stablecoin.
Potential impact on European payments and digital assets
If Qivalis delivers on its plans, the euro stablecoin could play a significant role in modernising cross‑border payments within Europe. By operating on blockchain and settling in real time, it may reduce reconciliation headaches and cut back on the number of intermediaries involved in international transfers.
For companies, this could translate into lower transaction costs, better cash‑flow visibility and more efficient treasury management. Payment flows that currently require several days and multiple correspondent banks might be executed in seconds, with settlement finality built into the token’s design.
In the capital markets space, the stablecoin could serve as a reliable settlement asset for tokenised bonds, equities or other financial instruments. Trades could settle around the clock, outside the constraints of traditional market opening hours, potentially reducing counterparty risk and freeing up collateral.
From a consumer perspective, the initial focus is likely to remain on institutional and corporate use cases, but over time the infrastructure could support retail‑facing applications such as wallets or payment apps developed by banks or fintech partners. Any such expansion would have to meet stringent regulatory and compliance conditions under MiCA.
Regulators will be watching closely how Qivalis manages reserve transparency, cybersecurity, anti‑money laundering controls and operational resilience. The reputation of the participating banks and the presence of experienced supervisors on the board are intended to reassure both authorities and the market that these aspects are being taken seriously.
As the launch date in the second half of 2026 approaches, Qivalis is emerging as one of the most closely watched experiments in Europe’s digital finance landscape. By bringing together major banks, a euro‑backed stablecoin, and a MiCA‑compliant structure headquartered in Amsterdam, the project aims to offer a regulated, bank‑grade alternative to existing stablecoins and to lay new rails for payments and asset settlement across the continent.
