Ten European Banks Form ‘Qivalis’ Consortium, Target H2 2026 Launch for Euro Stablecoin
Europe's banking establishment is finally making its move. A consortium of ten major European banks has formed 'Qivalis'—a joint venture with a single, clear mission: to launch a regulated euro stablecoin in the second half of 2026.
The Consortium's Gambit
This isn't a side project. By pooling resources and regulatory heft, the Qivalis alliance aims to build a digital euro alternative that bypasses the volatility of crypto-native assets. Think of it as traditional finance's counter-punch to decentralized stablecoins—a fully bank-backed digital currency designed for seamless settlement and programmable finance, but with the compliance DNA of its founders.
The 2026 Timeline: Strategy or Stalling?
Targeting a launch in H2 2026 gives the group an 18-month runway. That time will be spent navigating the EU's regulatory labyrinth, building the underlying infrastructure, and—crucially—getting all ten banks on the same operational page. It's a conservative timeline that highlights the gap between crypto's 'move fast' ethos and the deliberate, committee-driven pace of institutional finance. After all, synchronizing the calendars of ten bank CEOs is arguably harder than coding the smart contract.
A New Front in the Currency Wars
The launch of a euro stablecoin by a bank consortium would fundamentally shift the digital assets landscape. It promises institutional-grade liquidity and a direct bridge between legacy finance and blockchain networks. For the crypto market, it's a massive validation of the stablecoin model. For the banks, it's a defensive play to retain control over the future of money—before someone else does.
The move signals that Europe's old guard is no longer just watching from the sidelines. They're building their own arena, with their own rules, and aiming to open the doors in 2026. Whether this becomes the backbone of European DeFi or just another costly, over-engineered banking IT project remains to be seen. Because in finance, forming a committee is often the first step to making the bold… less so.
A Tenth Bank Has Now Joined The Euro Stablecoin Consortium
Back in September, nine big European banks announced a consortium aimed at developing and launching a euro-based stablecoin, a digital asset that will have its price pegged to the euro (EUR).
Currently, stablecoins are overwhelmingly dominated by the US dollar (USD), with USDT and USDC, the two largest such cryptocurrencies in the space, accounting for 85% of the market. The consortium’s euro stablecoin intends to provide a real alternative to the USD tokens.
The nine banks that initially kickstarted the plan included ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. As announced in a press release, a tenth European bank in France’s BNP Paribas has now joined the effort.
BNP Paribas is the second largest bank in the bloc and eighth largest globally with over $2.8 trillion in assets. The list of banks part of the consortium already included some heavy-hitters, but BNP Paribas now adding its backing further elevates the project.
BNP Paribas is classified as a global systemically important bank (G-SIB) by the Financial Stability Board, meaning that its stability is integral to the world financial order. Netherlands’ ING, another member of the consortium, is also included in a lower bucket of the same category.
In the initial announcement, the banks had noted that they had formed a new company in the Netherlands to handle the issuance of the euro stablecoin. As revealed by the consortium’s CaixaBank, the Amsterdam-based firm has now been incorporated and named Qivalis.
Qivalis is working on obtaining an electronic money institution license from the Dutch Central Bank, seeking to launch the euro-denominated stablecoin in the second half of 2026. This asset will be compliant with Markets in crypto Assets Regulation (MiCAR), the EU’s framework for digital assets.
Jan-Oliver Sell has been lined up to serve as Qivalis’ CEO. Sell has previously had roles at Coinbase Germany and Binance. “A native Euro stablecoin isn’t just about convenience – it’s about monetary autonomy in the digital age,” noted the CEO.
Caixabank has said that the consortium is open to more banks joining. In October, Bloomberg reported that America’s Citigroup WOULD be joining the group, but so far, the bank’s name hasn’t appeared in any subsequent press release related to the stablecoin project.
In some other news, PayPal’s PYUSD has witnessed some sharp growth since September, as DeFi analytics firm DefiLlama has highlighted in an X post.
As displayed in the above chart, PayPal’s stablecoin had a supply of $1.2 billion in September, but today that figure has sharply gone up to $3.8 billion.
Bitcoin Price
At the time of writing, Bitcoin is trading around $92,800, up more than 7% over the last week.
