Ten European Banks Form ‘Qivalis’ To Gear Up For Euro Stablecoin Launch In H2 2026
A consortium of main European banks has shaped Qivalis, a brand new entity in Amsterdam to launch a euro-pegged stablecoin in 2026.
A Tenth Bank Has Now Joined The Euro Stablecoin Consortium
Back in September, 9 huge European banks announced a consortium aimed toward growing and launching a euro-based stablecoin, a digital asset that can have its value pegged to the euro (EUR).
Currently, stablecoins are overwhelmingly dominated by the US greenback (USD), with USDT and USDC, the 2 largest such cryptocurrencies within the house, accounting for 85% of the market. The consortium’s euro stablecoin intends to offer an actual different to the USD tokens.
The 9 banks that originally kickstarted the plan included ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. As introduced in a press release, a tenth European financial institution in France’s BNP Paribas has now joined the trouble.
BNP Paribas is the second largest financial institution within the bloc and eighth largest globally with over $2.8 trillion in belongings. The listing of banks a part of the consortium already included some heavy-hitters, however BNP Paribas now including its backing additional elevates the mission.
BNP Paribas is classed as a worldwide systemically vital financial institution (G-SIB) by the Financial Stability Board, that means that its stability is integral to the world monetary order. Netherlands’ ING, one other member of the consortium, can also be included in a decrease bucket of the identical class.
In the preliminary announcement, the banks had famous that that they had shaped a brand new firm within the Netherlands to deal with the issuance of the euro stablecoin. As revealed by the consortium’s CaixaBank, the Amsterdam-based agency has now been included and named Qivalis.
Qivalis is engaged on acquiring an digital cash establishment license from the Dutch Central Bank, searching for to launch the euro-denominated stablecoin within the second half of 2026. This asset can be compliant with Markets in Crypto Assets Regulation (MiCAR), the EU’s framework for digital belongings.
Jan-Oliver Sell has been lined as much as function Qivalis’ CEO. Sell has beforehand had roles at Coinbase Germany and Binance. “A local Euro stablecoin isn’t nearly comfort – it’s about financial autonomy within the digital age,” famous the CEO.
Caixabank has mentioned that the consortium is open to extra banks becoming a member of. In October, Bloomberg reported that America’s Citigroup could be becoming a member of the group, however thus far, the financial institution’s title hasn’t appeared in any subsequent press launch associated to the stablecoin mission.
In another information, PayPal’s PYUSD has witnessed some sharp progress since September, as DeFi analytics agency DefiLlama has highlighted in an X post.
As displayed within the above chart, PayPal’s stablecoin had a provide of $1.2 billion in September, however immediately that determine has sharply gone as much as $3.8 billion.
Bitcoin Price
At the time of writing, Bitcoin is buying and selling round $92,800, up greater than 7% during the last week.
