Meet Qivalis, a Stablecoin Backed by 10 European Banks #

A consortium of 10 major European banks, including BNP Paribas, ING, and UniCredit, has established Qivalis, a new company aiming to launch a euro-pegged stablecoin in the second half of 2026. Headquartered in Amsterdam, the initiative is led by former Coinbase Germany CEO Jan-Oliver Sell and chaired by Howard Davies.

Qivalis seeks to challenge the dominance of U.S. dollar-based tokens and enhance European payment autonomy. Initially focusing on cryptocurrency trading to offer near-instant, low-cost settlements, the project plans to expand into broader payment use cases.

The company is currently seeking an Electronic Money Institution (EMI) license from the Dutch central bank. This move aligns with European Central Bank interests in fostering a European-led solution to maintain strategic autonomy in payments, amidst regulatory concerns that private stablecoins could impact monetary policy and banking stability.