10 Major European Banks Team Up to Launch Euro Stablecoin Qivalis
What Is the New European Bank Consortium Trying to Build?
Ten European banks — including ING, UniCredit and BNP Paribas — have created a joint venture called Qivalis to issue a euro-pegged stablecoin. The project, presented at a press conference in Amsterdam, is one of the most coordinated attempts yet by European financial institutions to push back against U.S. leadership in digital payments and dollar-backed tokens.
The firm will be led by CEO Jan-Oliver trade, who previously worked at Coinbase in Germany. ING’s digital asset lead, Floris Lugt, will serve as CFO, while former NatWest chair Howard Davies will take the role of chair. The group said the stablecoin is intended for rather than the retail crypto sector.
The consortium originally included ING, UniCredit, Banca tradea, KBC, DekaBank, Danske Bank, SEB, Caixabank and Raiffeisen Bank International. BNP Paribas joined later, bringing another major eurozone institution into the effort.
Investor Takeaway
Why Are Banks Turning to Stablecoins Now?
Stablecoins have grown into one of the largest segments of the . Tether’s USDT alone has about $185 billion in circulation and functions as the industry’s default dollar. The rapid rise of dollar-based tokens has also given the United States an advantage in global digital payments — something European policymakers and banks have been watching closely.
The timing aligns with a wave of new U.S. activity. Several major American financial firms are preparing to issue their own fully regulated dollar stablecoins later than signed legislation establishing national standards for fiat-backed tokens. European banks do not want to fall behind as stablecoins shift from crypto tools into settlement infrastructure.
Qivalis is designed to operate under EU rules rather than crypto-native frameworks. The consortium said it will back the token with cash or equivalents, structured under the rules that apply across the bloc.
How Will Qivalis Be Regulated?
Qivalis is applying for an Electronic Money Institution (EMI) licence from the Dutch central bank. The team expects the licensing phase to take six to nine months, with a public launch planned for the begin of the second half of 2026.
Unlike many privately issued stablecoins, the Qivalis token will fall under established European e-money rules, putting it inside the traditional financial regulatory perimeter from day one. This framework will also allow eurozone banks to integrate the token directly into payments, treasury operations and institutional settlement without relying on offshore issuers or non-EU intermediaries.
Lugt told reporters on Tuesday that BNP Paribas’s addition shows that major European institutions view jointly issued stablecoins as a strategic necessity rather than an experiment.
Investor Takeaway
What Comes Next Before the 2026 Launch?
For now, the group must complete the licensing process and finalize the technical structure behind the token. The banks have not disclosed details on chain choice, custody, redemption mechanisms or interoperability with existing financial infrastructure. However, the involvement of multiple regulated lenders suggests the token may be aimed at interbank settlement, corporate payments and cross-border flows rather than retail trading.
With the across the bloc, Qivalis will launch into a regulated market that demands strict backing, reporting and operational transparency. That may give the consortium an advantage over offshore issuers but also raises the bar for compliance and daily operations.
If successful, Qivalis could become the first euro stablecoin backed directly by large commercial banks — and a test case for whether the European financial system can offer a digital alternative to dollar-dominated stablecoins without relying on external platforms.
