Ten leading European banks jointly establish Qivalis, to issue a euro stablecoin in the second half of 2026

According to Reuters, recently, 10 European banks—including ING Group (INGA.AS), Italy’s UniCredit (CRDI.MI), and France’s BNP Paribas (BNPP.PA)—have formed a company with plans to launch a euro-pegged stablecoin in the second half of 2026, aiming to counter the US dominance in the digital payments sector.

The company, headquartered in Amsterdam, is named Qivalis. Its CEO will be Jan-Oliver Sell, who previously served as CEO of Coinbase’s German operations and also worked at Binance. At a press conference in Amsterdam on December 2, the company announced that former NatWest Bank chairman Howard Davies would serve as chairman.

Sell stated that the new company will be based in Amsterdam and plans to hire 45 to 50 people over the next 18 to 24 months, adding that they have already recruited one-third of the staff.

Banks are striving to respond to the rapidly growing stablecoin industry and the broader development of cryptocurrencies, with some lenders viewing crypto as a potential direct competitor.

This growth puts pressure on traditional lenders, forcing them to look for ways to apply blockchain technology in their own businesses.

After US President Donald Trump signed a law establishing rules for stablecoins, many top US financial firms have been preparing to launch their own dollar-backed stablecoins.

Stablecoins are cryptocurrencies designed to maintain a constant value and are backed by traditional currencies. They have developed rapidly in recent years, mainly due to El Salvador-based Tether, whose dollar token is worth about $185 billion.

Currently, there is little sign of market demand for euro-pegged stablecoins. Societe Generale’s crypto division, SG-FORGE (which is not part of Qivalis), launched a euro-pegged stablecoin in 2023, but its circulating token value is only €64 million ($74.27 million).

Qivalis stated that its token would offer “near-instant, low-cost payments and settlements,” but Davies indicated that the initial use case would be for cryptocurrency trading.

Sell said the name was chosen to convey trust, quality, and values—crucial in the financial sector—and because it is easy to pronounce in different languages.

Sell added that the company expects to launch its stablecoin in early H2 2026, with the licensing process requiring six to nine months.

The company is applying to the Dutch Central Bank for an Electronic Money Institution (EMI) license.

Regulators are concerned that stablecoins could siphon funds away from the regulated banking system. European Central Bank (ECB) President Christine Lagarde has told European policymakers that privately issued stablecoins pose risks to monetary policy and financial stability.

The ECB is also developing its own digital euro as a strategic alternative to US-dominated private payment methods such as credit cards and stablecoins.

Floris Lugt, ING’s Head of Digital Assets and soon-to-be Qivalis CFO, said the group has been in contact with the ECB, which is “very supportive” of the initiative.

“We feel they are very supportive because a key policy goal is to achieve strategic autonomy in the European payments sector. They are very focused on stablecoins, particularly those issued by US fintech companies, and we sense they are more inclined to support leading European enterprises that they can foster.”

The project was first announced in September, with initial participating banks including ING, UniCredit, Banca Sella (BSEL.HT), KBC (KBC.BR), DekaBank, Danske Bank (DANSKE.CO), SEB (SEBa.ST), Caixabank (CABK.MC), and Raiffeisen Bank International. Lugt said on Tuesday that BNP Paribas has since joined the group.

Another group of ten banks—including Bank of America, Deutsche Bank, Goldman Sachs, and UBS Group—also said they are jointly exploring the possibility of issuing stablecoins. BNP Paribas is a member of both organizations.

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