A consortium of 10 European banks has created Qivalis, a new company aiming to launch a euro-pegged stablecoin in the second half of 2026, subject to regulatory approval and licensing. The project is led by former Coinbase Germany CEO Jan-Oliver Sell and is designed as a European alternative to digital payment systems dominated by U.S. dollar stablecoins.
Ten-bank consortium sets up Amsterdam-based issuer
The participating banks are BNP Paribas, ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International. Qivalis is based in Amsterdam, with Howard Davies serving as chair. The company said it plans to hire 45 to 50 employees over the next two years, and about one-third of those roles have already been filled. BNP Paribas joined after the initial announcement, according to the group.
Crypto trading settlement comes first
The euro stablecoin will initially focus on cryptocurrency trading, where the consortium says it can offer near-instant, low-cost payments and settlement. That first phase is narrow by design. Broader payment use cases are expected to come later, after the company secures an Electronic Money Institution, or EMI, license from the Dutch central bank.
Euro-denominated stablecoins remain limited in the market. The report points to Societe Generale’s SG-FORGE, which has around 64 million euros in circulation. Dollar-backed tokens still dominate digital asset activity, leaving room for European banks to pitch a local alternative tied to the region’s financial and regulatory framework.
ECB concerns shape the positioning
European regulators have not treated private stablecoins as a simple payments upgrade. The European Central Bank and others have warned that such tokens could pull funds away from regulated banks and weaken the transmission of monetary policy. Against that backdrop, Qivalis has framed itself as a European-led project aligned with ECB priorities and focused on strategic autonomy in payments.
The launch effort also comes as other banking groups in Europe and the United States explore their own stablecoin plans. Institutional interest in digital currency infrastructure is clearly broadening. Qivalis is taking the bank-consortium route first, with licensing and compliance at the center before any wider push into trading and payments.