📊 A consortium of 10 European banks has created the company Qivalis to implement a stablecoin pegged to the euro. This initiative aims to provide an alternative to the dominance of digital payment systems tied to the US dollar.
🛡 The token is expected to launch in the second half of 2026, pending the necessary regulatory approvals.
💰 Jan-Oliver Sell, former CEO of Coinbase Germany, will lead Qivalis as CEO, while Howard Davies, former chairman of NatWest, will serve as chairman.
⚙️ The stablecoin will initially focus on cryptocurrency trading and payments, considering the concerns of regulators and the European Central Bank regarding the impact of private stablecoins on banks and monetary policy.
📅 The consortium includes BNP Paribas, ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International. BNP Paribas joined the consortium after the initial announcement.
📈 As stablecoins gain popularity, especially tokens pegged to the US dollar like Tether, euro-pegged alternatives remain rare in the market. Qivalis is seeking an electronic money license from the central bank of the Netherlands and is negotiating with the ECB, which supports a European solution for strategic autonomy in payments. A separate consortium of banks in Europe and the US is also exploring the issuance of stablecoins, indicating a growing institutional interest in digital currencies.