Europe’s biggest lenders are stepping up preparations for a jointly issued euro-denominated stablecoin, with distribution now becoming a key focus. According to Spanish financial daily Cinco Días, Qivalis, a Netherlands-based consortium made up of 12 major European banks, has entered advanced discussions with crypto exchanges, liquidity providers, and market makers as it works toward a commercial rollout in the second half of 2026.
The project is intended to create a regulated euro-backed alternative within the European Union, where dollar-pegged stablecoins still dominate the market. Jan Sell, former Coinbase Germany head and now chief executive of Qivalis, said the initiative is centered on the EU but is being designed for international use as well, particularly for real-time cross-border corporate payments and global trade settlement.
Exchange distribution and MiCAR compliance in focus
Qivalis is reportedly prioritizing crypto platforms that comply with the EU’s Markets in Crypto-Assets Regulation, or MiCAR, and that can demonstrate strong liquidity and security standards. The goal is to have the stablecoin listed and operational on selected venues when the commercial launch begins. In addition to exchange-based access, member banks are also expected to distribute the token directly to their own customers. Spain-based exchange Bit2Me has confirmed that it has held talks with one of the participating banks.
Consortium expands as BBVA joins
Since the project was first unveiled in September and formally presented in December, the group has expanded. Qivalis now includes CaixaBank, Banca Sella, BNP Paribas, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, UniCredit, and BBVA. BBVA joined in early February, abandoning its previous plan to launch a standalone euro stablecoin. The bank said that joining a broader industry effort offered greater scale, interoperability, and long-term value than pursuing an independent issuance model.
Reserve design emphasizes protection and convertibility
Under the structure described by consortium executives, the stablecoin will be backed on a one-to-one basis. At least 40% of reserves will be kept in bank deposits, while the rest will be invested in high-quality short-term sovereign bonds issued by a diversified group of eurozone countries to reduce concentration risk. During the preparation phase through the first half of 2026, Qivalis plans to finalize commercial agreements and custody arrangements, with reserve assets spread across highly rated credit institutions. Custodian selection will depend on solvency, trading terms, and the ability to ensure continuous convertibility for token holders.
The initiative reflects a broader strategic push by European banks to gain ground in cross-border payments and reduce dependence on U.S.-based payment infrastructure. It also aligns with wider regional efforts to strengthen payment autonomy: the European Central Bank continues to promote the digital euro, while private-sector players are exploring deeper integration of national instant payment systems to challenge international networks such as Visa and Mastercard.