Qivalis, a consortium formed by 12 major European banks, is in advanced discussions with cryptocurrency exchanges, market makers, and liquidity providers as it prepares to launch a euro pegged stablecoin in the second half of 2026. The initiative aims to establish a regulated European alternative to dollar denominated stablecoins that currently dominate global digital asset markets.
The consortium includes leading financial institutions such as ING, UniCredit, BBVA, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank and Banca Sella. BBVA joined earlier this year, expanding the group’s retail and corporate banking reach across Europe.
Jan Sell, chief executive officer of Qivalis and former head of Coinbase in Germany, said the project is evaluating both European and international exchange partners to ensure broad distribution. According to statements reported in Spanish financial media, the consortium’s strategy centers on providing a compliant digital euro alternative designed for real time cross border business to business payments and global trade settlement.
All distribution partners must comply with the European Union Markets in Crypto Assets Regulation, known as MiCA. This framework sets strict requirements for stablecoin issuers, including reserve management, redemption rights, and operational transparency. Bit2Me, a Spain based exchange licensed under MiCA, is among the platforms reported to have held discussions with at least one member bank regarding potential collaboration.
Qivalis confirmed that the planned stablecoin will be fully backed on a one to one basis. At least 40 percent of reserves will be held in bank deposits, with the remainder allocated to high quality short term sovereign bonds from multiple euro area countries. The diversified bond allocation is intended to reduce concentration risk and align with regulatory standards governing electronic money tokens.
Floris Lugt, the consortium’s chief financial officer, stated that token holders will have access to continuous 24 hour redemption, a key MiCA requirement. Member banks will also be able to distribute the euro stablecoin directly through their existing retail and corporate channels, in addition to any third party exchange listings secured prior to launch.
The introduction of a bank backed euro stablecoin would position Qivalis as a direct competitor to dollar linked tokens that currently dominate decentralized finance and cross border settlement activity. Securing partnerships with international exchanges will be critical to expanding liquidity beyond the European Union and establishing meaningful market share.
