Major European banks unite to develop euro-backed stablecoin
The stablecoin, set to launch in 2026, will initially support crypto trading and low-cost settlements before expanding into broader financial use cases.
A consortium of 10 central European banks has established a new company, Qivalis, to develop and issue a euro-pegged stablecoin, targeting a launch in the second half of 2026, subject to regulatory approval.
The initiative seeks to offer a European alternative to US dollar-dominated digital payment systems and strengthen the region’s strategic autonomy in digital finance.
The participating banks include BNP Paribas, ING, UniCredit, KBC, Danske Bank, SEB, Caixabank, DekaBank, Banca Sella, and Raiffeisen Bank International, with BNP Paribas joining after the initial announcement.
Former Coinbase Germany chief executive Jan-Oliver Sell will lead Qivalis as CEO, while former NatWest chair Howard Davies has been appointed chair. The Amsterdam-based company plans to build a workforce of up to 50 employees over the next two years.
Initial use cases will focus on crypto trading, enabling fast, low-cost payments and settlements, with broader applications planned later. The project emerges as stablecoins grow rapidly, led by dollar-backed tokens, while limited € alternatives drive regulatory interest and ECB engagement.
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