Major European Banks Launch Qivalis to Issue Euro Stablecoin by Mid-2026

Ten major European banks have established Qivalis, a new Amsterdam-based company that plans to launch a euro-pegged stablecoin in the second half of 2026, according to an announcement made Tuesday.

The consortium includes ING, UniCredit, BNP Paribas, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International, with BNP Paribas being the most recent addition to the group originally announced in September.

Jan-Oliver Sell, former CEO of Coinbase's German operations and a Binance veteran, will serve as CEO, while former NatWest chair Howard Davies will chair the company. The venture plans to hire 45 to 50 employees over the next 18 to 24 months, Reuters reported.

The initiative represents European banks' response to rapid growth in the stablecoin sector, which has been dominated by U.S. companies. Tether, based in El Salvador, currently has approximately $185 billion worth of dollar-based tokens in circulation. However, the euro stablecoin market remains underdeveloped compared to its dollar counterpart. Societe Generale's SG-FORGE launched a euro stablecoin in 2023 but has only 64 million euros in circulation.

While Qivalis positions its token as enabling fast, low-cost payments and settlements, Davies indicated the initial application will focus on crypto trading. The company is seeking an Electronic Money Institution license from the Dutch central bank, with the approval process expected to take six to nine months.

"European businesses and consumers deserve a digital economy built for their success, and we will enable new opportunities for European companies and consumers to benefit from on-chain payments and digital asset markets in their own currency," Sell said in a LinkedIn post.

ING's digital assets lead Floris Lugt, who will become Qivalis's CFO, said the European Central Bank has been "very supportive" of the initiative, viewing it as aligned with Europe's goal of achieving strategic autonomy in payments infrastructure.

BNP Paribas is also participating in a separate stablecoin exploration involving ten other global banks, including Bank of America, Deutsche Bank, Goldman Sachs, and UBS.