A consortium of ten leading European banks has announced an ambitious project named Qivalis, aiming to introduce a fully-regulated, euro-pegged stablecoin by mid-2026. This innovative venture seeks to establish a European standard for digital payments, lessen reliance on U.S. dollar-backed stablecoins, and enhance the European Union’s strategic autonomy within the digital economy.
The Banking Consortium Takes Shape
In a historic development unveiled in Amsterdam on December 2, 2025, the consortium comprising ten prominent banks from eight European countries officially launched Qivalis. Notable founding members include ING, UniCredit, BNP Paribas, Banca Sella, KBC, DekaBank, Danske Bank, SEB, CaixaBank, and Raiffeisen Bank International. With a strong governance structure and robust leadership, the new entity is spearheaded by Jan-Oliver Sell, formerly the Managing Director at Coinbase Germany, who has taken on the role of CEO.
Sell emphasized the values behind the venture, stating,
“We have chosen the name Qivalis to convey trust, quality, and values, essential elements in finance that are also easy to pronounce across languages.”
His vision aligns with the consortium’s intent to create a comprehensive and user-friendly digital currency ecosystem across Europe.
Navigating Regulatory Waters
Qivalis is currently seeking authorization from the Dutch Central Bank (DNB) to become a licensed Electronic Money Institution (EMI)—a process anticipated to take six to nine months. This regulatory groundwork is crucial, as the anticipated launch in the second half of 2026 coincides with the full rollout of the EU’s Markets in Crypto-Assets (MiCA) regulation, which promises to establish a clear legal framework for stablecoin operations.
The MiCA framework aims to enhance regulatory clarity and consumer protection in the burgeoning digital asset landscape. It underlines the consortium’s commitment to ensuring a compliant and secure environment for digital finance, with operational preparations already underway to achieve the necessary regulatory approvals.
Revolutionizing European Payments
Qivalis aims to introduce a “state-of-the-art, fully regulated, 1:1-backed euro stablecoin” designed to enhance trust and catalyze innovation across the digital payments landscape. According to CEO Sell,
“We exist to make digital money trustworthy. This is our mission.”
Central to this mission is the promise that the stablecoin will be 100% backed by euro reserves and high-quality liquid assets, instilling confidence among users.
The intended functionalities of Qivalis extend beyond mere transactions. By facilitating near-instantaneous and low-cost cross-border payments, the stablecoin will also streamline programmable payments and enhance settlement efficiency for tokenized assets and supply chains. Initial targets for integration include crypto-trading venues, banking applications, and institutional platforms, with plans for consumer-oriented services in the later stages of development.
A Strategic Response to Global Trends
The creation of Qivalis represents a strategic response to the overwhelming dominance of U.S. dollar-pegged stablecoins, which account for about 99% of the current market. This initiative underscores a growing need for European monetary sovereignty amidst concerns about dependencies on foreign financial infrastructures. As regulators, including the European Central Bank (ECB), raise alarms regarding the potential risks associated with privately issued stablecoins, Qivalis seeks to embed European values of data protection and financial stability into its operations.
Moreover, the consortium remains open to collaboration, inviting more banks to join in this transformative effort to build a robust European digital finance ecosystem. With the ECB concurrently developing its own digital euro, the launch of Qivalis places Europe in a more empowered position to compete in the global digital economy.
Qivalis: Paving the Future of Digital Finance
As Qivalis gears up for its launch in 2026, the implications for European businesses, consumers, and the broader financial landscape are significant. This euro-denominated stablecoin is expected to bring unprecedented convenience and stability, fostering an environment conducive to innovation while maintaining regulatory compliance. Its backing by major European banks ensures a level of trust and credibility that could reshape how digital transactions occur within the EU.
In essence, Qivalis appears poised to serve as a vital cornerstone of a future digital asset infrastructure, enabling seamless interactions between traditional finance and the rapidly evolving world of blockchain technology. As Sell aptly puts it,
“This rollout is critical for Europe’s ability to compete and retain its sovereignty in the digital economy.”
With the momentum building, all eyes will be on Qivalis as it navigates the path towards a transformative launch.
