BNP Paribas Joins Qivalis Project to Offer EU-Based Euro Stablecoin

TLDR

• BNP Paribas joins 9 European banks in the Qivalis project to create a euro-backed stablecoin.
• The Qivalis stablecoin aims to provide a European alternative to dollar-pegged stablecoins like USDT and USDC.
• Jan-Oliver Sell, a former Coinbase Germany executive, has been appointed as the CEO of Qivalis.
• Qivalis plans to comply with EU’s Markets in Crypto-Assets (MiCA) regulations and is targeting a 2026 launch.
• The euro stablecoin market is currently small, with the total supply standing at $670 million, far behind dollar-pegged stablecoins.

BNP Paribas has joined a group of 10 major European banks to develop a euro-backed stablecoin. The banks, including BNP Paribas, plan to launch the stablecoin under a new entity called Qivalis. The goal is to create a European alternative to dollar-backed stablecoins, with the launch scheduled for 2026.

Qivalis: A Joint Venture of Leading European Banks

The Qivalis project brings together a group of 10 banks, including BNP Paribas, ING, UniCredit, and CaixaBank. These institutions aim to create a blockchain-based payment system for the European market. The joint venture will operate from Amsterdam and seeks approval for an electronic money license from the Dutch Central Bank.

Qivalis plans to issue a stablecoin pegged to the euro, providing a more localized option compared to the dominant dollar-pegged stablecoins. The group has outlined its intentions to comply with the European Union’s Markets in Crypto-Assets (MiCA) regulations. This initiative aims to build a European infrastructure that meets the needs of corporate clients, with an emphasis on secure and efficient digital payments.

Jan-Oliver Sell Receives Appointment as the CEO

The Qivalis venture has appointed Jan-Oliver Sell as its CEO. Sell is a former executive from Coinbase Germany, bringing valuable experience in cryptocurrency markets. His appointment signals a push to establish a trusted, regulated euro stablecoin within the European digital asset space.

Sell’s leadership will focus on navigating the regulatory and technological aspects of launching the stablecoin. His background in both traditional finance and cryptocurrency makes him well-suited to lead Qivalis as it works toward regulatory approval and a 2026 rollout. The stablecoin is expected to integrate with existing financial systems and offer solutions for faster and cheaper cross-border payments.

Stablecoin Market and Competition

Euro-denominated stablecoins have struggled to gain traction in the market. The total supply of euro stablecoins currently stands at just $670 million. In comparison, the market for dollar-pegged stablecoins like USDT and USDC is valued at $300 billion.

Société Générale’s euro token, EURCV, entered the market in 2023, but it has only reached a market value of $62 million. The largest euro-pegged stablecoin, Circle’s EURC, holds a market value of $330 million. The Qivalis-backed stablecoin will compete with these existing players, aiming to carve out a share of the euro stablecoin market.

Qivalis is actively developing its governance framework. The initiative expects to receive regulatory approval in time for its planned debut in 2026. The venture’s success could provide a boost to the adoption of euro-backed stablecoins within the cryptocurrency ecosystem.

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