European banks are coordinating one of the region’s digital payment initiatives to date as they move toward issuing a regulated euro stablecoin by 2026.
BNP Paribas has joined nine other major lenders in a collaborative effort called Qivalis, a newly formed Dutch entity created to develop an EU-based token designed for on-chain payments. The group intends to introduce the stablecoin in the second half of 2026, positioning the project under the EU’s Markets in Crypto-Assets (MiCA) regulatory regime.
Qivalis forms multi-bank structure to develop a euro stablecoin
Among the participants in Qivalis are ING, UniCredit, CaixaBank, Danske Bank, KBC, Banca Sella, SEB, DekaBank, and Raiffeisen Bank International. BNP Paribas affirmed its inclusion in the group as part of the collective strategy to establish a regulated route to the issuance of a euro-denominated stablecoin.
Qivalis is based in Amsterdam and has also sought an Electronic Money Institution (EMI) license with the Dutch central bank. The license is obligatory if an issuer wishes to issue a token that is entirely supported by fiat reserves, as required by MiCA.
The banks claimed that the stablecoin would be designed to operate fully on blockchain networks without relying on conventional payment systems. After the licensing process is complete, Qivalis will issue the token for use in digital finance applications, including corporate payments and settlement processes.
To spearhead the initiative, the team hired Jan-Oliver Sell as the Chief Executive Officer. Sell has worked as an executive of the Coinbase Germany unit. His appointment was announced as Qivalis began to establish its management and supervisory structures to meet regulatory standards.
Consortium targets on-chain payments and the EU market gap
The banks’ objective is to provide a stablecoin anchored to the euro that adheres to regional regulations while addressing demand for 24/7 cross-border settlement. The consortium stated that the Qivalis token will support near-instant payment capabilities and enable programmable payment functions designed to reduce the delays commonly found in existing settlement systems.
The token is expected to be compatible with digital asset settlements as well, including tokenized securities and cryptocurrency transactions. Once the token is live, each member bank may offer its own custody tools or wallet services for clients engaging with the stablecoin.
This move by Europe comes as the U.S. stablecoins still dominate the global market. Most of the approximately 300 billion asset sector consists of dollar-backed tokens, such as USDT and USDC. Stablecoins, whose denominations are in euros, have a smaller total supply, approximately 670 million. The EURCV, created by Société Générale in 2023, has a current market value of $62 million. In contrast, the EURC, created by Circle, dominates the euro-stablecoin market with an estimated supply of 330 million.
Nevertheless, Qivalis anticipates obtaining its license before the issuance of the first tokens and hopes to finish its regulatory approval stage before the second half of 2026 rollout. The consortium noted that the project will enhance the on-chain payment infrastructure in the region and provide an option to use the euro as an alternative to digital settlements arranged in the EU-regulated market.
