 ▲ Euro, Stablecoin/ChatGPT Generated Image |
A consortium formed by major European banks is accelerating partnerships with cryptocurrency exchanges to launch an independent euro-pegged stablecoin, signaling a potential shift in the market landscape.
According to Cointelegraph on March 2 (local time), Qivalis, a European banking consortium, is in advanced negotiations with cryptocurrency exchanges and liquidity providers ahead of the planned launch of its euro stablecoin in the second half of 2026. The project includes leading European financial institutions such as ING, UniCredit, and recently joined BBVA. In addition to direct distribution through shareholder banks, the group is focusing on securing distribution networks through global digital asset platforms.
Qivalis CEO Jan Sell stated that both European and international platforms are being considered as potential partners. He emphasized that the top priority of the project is to provide a regulation-compliant regional alternative in a stablecoin market dominated by the U.S. dollar. “It is essential to build key use cases that support real-time cross-border B2B payments and global trade,” Sell added. The consortium is prioritizing exchanges that comply with the European Union’s Markets in Crypto-Assets (MiCA) regulation.
Plans for reserve management to ensure the stability of the stablecoin have also been outlined. Qivalis CFO Floris Lugt explained that at least 40% of the reserves will be held as bank deposits to maintain a 1:1 backing of issued tokens. The remaining assets will be diversified into high-quality short-term government bonds within the European Union to mitigate country-specific risks. The consortium also intends to establish a system allowing token holders to redeem their holdings 24/7, year-round, to enhance trust and reliability.
Since its launch in September 2025 with nine founding members, Qivalis has expanded into a large alliance of 12 financial institutions following BBVA’s recent participation. Members include CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank, and Banca Sella. The group is expected to integrate digital asset custody and payment infrastructure across Europe, serving as a bridge between traditional finance and the crypto ecosystem.
The move by Europe’s financial sector is seen as a sign that the digital asset market is transitioning beyond its speculative phase toward becoming a practical means of payment. With greater regulatory clarity and major capital-backed banks acting as direct issuers, intense competition for market leadership with existing stablecoin issuers is anticipated. The crypto industry is closely watching whether Qivalis’s euro stablecoin could serve as a catalyst for broader digital asset adoption in the second half of 2026.
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