A consortium of 10 European banks has formed a company called Qivalis to launch a euro-pegged stablecoin, the group announced. The initiative aims to provide an alternative to US dollar-centric digital payment systems.
summation
- Major European banks have formed a consortium called Qivalis to launch a euro-pegged stablecoin to challenge the dominance of the US dollar in digital payments.
- The token is expected to launch in the second half of 2026, subject to regulatory approval, with former Coinbase Germany CEO. Jan-Oliver Sell It was chaired by CEO and former NatWest Chairman Howard Davies.
- Stablecoins will initially target cryptocurrency trading and payments, as regulators and the ECB have raised concerns about the impact of private stablecoins on banking and monetary policy.
Participating banks include BNP Paribas, ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank and Raiffeisen Bank International. BNP Paribas joined the consortium following the initial announcement.
The consortium said the token is expected to launch in the second half of 2026, subject to regulatory approval and licensing.
Jan-Oliver Sell, former CEO of Coinbase Germany, will serve as CEO of Qivalis, while Howard Davies, former chairman of NatWest, will serve as Chairman. The Amsterdam-based company plans to hire 45 to 50 employees over the next two years, and a third of the positions have already been filled, according to the company.
The stablecoin will initially focus on cryptocurrency transactions, providing near-instant and low-cost payments and settlements, with plans to expand use cases later, the consortium said.
This initiative comes as stablecoins, especially US dollar-backed tokens like Tether, are experiencing rapid growth. Alternatives pegged to the euro remain limited in the market. According to available data, Societe Generale’s SG-FORGE currently has a circulating volume of €64 million.
Regulators, including the European Central Bank, have raised concerns that private stablecoins could divert funds from regulated banking institutions and influence monetary policy. Qivalis is seeking an electronic money institution license from the Netherlands’ central bank and is working with the ECB, which has expressed support for a European-led solution to ensure strategic autonomy in payments, people familiar with the discussions said.
Separate banking groups in Europe and the United States are also exploring issuing stablecoins, reflecting growing institutional interest in digital currencies, according to industry reports.