A coalition of ten prominent European banks - including ING, UniCredit and BNP Paribas - has announced plans to issue a joint euro-backed stablecoin.
The new company, established in Amsterdam under the name Qivalis, plans to launch a euro stablecoin. Qivalis is led by a former executive of the crypto exchange Coinbase and intends to apply for an Electronic Money Institution (EMI) licence with the Dutch central bank. A potential market launch is targeted for the second half of 2026 - provided that regulatory approval is granted.
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Why a euro stablecoin
With the euro stablecoin, the banks aim to modernise Europe's payment infrastructure and reduce their reliance on US dollar-based stablecoins. While dollar-denominated stablecoins dominate globally, euro-based stablecoins have so far remained marginal - with a total market value only in the low hundreds of millions. With a European stablecoin, the banks seek not only technological innovation but also a strengthening of European financial and monetary autonomy. Qivalis is designed to be seamlessly interoperable with existing banking and payment systems.
Qivalis is led by experienced executives from the fintech and banking sectors - including former managers from crypto exchanges and traditional banks. The company plans to build a team of around 45-50 employees over the next 18-24 months. Once the licence has been filed with the Dutch regulator, the coin is expected to enter the market by the second half of 2026 at the latest, assuming all approvals are granted.
Potential and risks of the euro stablecoin
A euro stablecoin backed by established banks can combine the classic advantages of stablecoins - fast, low-cost and cross-border payments - with regulatory stability and deposit protection. Such a token could be attractive to institutional investors, companies and payment service providers seeking exposure to cryptoassets with the trust and oversight of traditional financial institutions.
At the same time, there are regulatory and market-related challenges: issuing stablecoins could lead to outflows from traditional bank deposits - with potential consequences for liquidity and the stability of the banking sector. The European Central Bank (ECB) has already warned about these risks. In addition, Qivalis must ensure transparency, reserve management and compliance to meet regulatory requirements and maintain market confidence.
