European banks, including ING, UniCredit, and BNP Paribas, formed a new company called Qivalis to launch a fully regulated, euro-backed stablecoin, aiming to challenge US dollar dominance in digital payments and build Europe's digital finance backbone. Based in Amsterdam and targeting a 2026 launch after getting Dutch central bank approval for an Electronic Money Institution (EMI) license, Qivalis will offer a compliant, blockchain-based Euro alternative under the EU's MiCA framework, enabling faster, cheaper payments and greater EU digital sovereignty. 

Key Details:

Who: A group of 10 big European banks (e.g., ING, UniCredit, BNP Paribas, CaixaBank).What: Qivalis, a company to issue a regulated euro stablecoin.Why: To compete with dollar stablecoins, modernize payments, and boost Europe's digital financial independence.How: By creating a MiCA-compliant stablecoin, seeking an EMI license from the Dutch central bank, and integrating with existing banking systems.When: Targeting launch in the second half of 2026, pending regulatory approvals.Leadership: Led by former Coinbase executive Jan-Oliver Sell, with Sir Howard Davies as Supervisory Board Chairman.