Qivalis, a consortium backed by major European banks, is accelerating preparations for the launch of its euro denominated stablecoin by entering advanced discussions with crypto exchanges and liquidity providers. The group is aiming for a second half of 2026 rollout, positioning the project as a regulated European alternative to dominant dollar based stablecoins.
The consortium includes leading financial institutions such as ING, UniCredit, BBVA, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank and Banca Sella. Initially formed in September 2025 with nine founding members, the alliance has since expanded, strengthening its distribution capacity across both retail and corporate banking networks.
Jan Sell, chief executive of Qivalis and former head of Coinbase Germany, confirmed that the consortium is evaluating both European and international exchange partners. The objective is to ensure broad market access while maintaining full compliance with the European Union’s Markets in Crypto Assets Regulation. All distribution platforms must meet MiCA standards, reflecting the consortium’s emphasis on regulatory alignment.
The euro stablecoin is designed primarily for real time cross border payments and business to business settlement. By focusing on trade flows and institutional transactions, Qivalis aims to address inefficiencies in existing payment infrastructure while keeping issuance within the European regulatory perimeter. The strategy directly challenges the dominance of dollar denominated stablecoins that currently account for the majority of liquidity in decentralized finance and global digital settlement markets.
According to details shared during recent presentations, the token will be backed one to one with reserves. At least 40 percent of backing assets will be held in bank deposits, while the remainder will be allocated to high quality short term sovereign bonds issued by multiple euro area countries. This structure is intended to reduce concentration risk and enhance resilience under market stress.
The stablecoin will also support continuous redemption, allowing token holders to convert back to euros at any time. This feature aligns with MiCA requirements for electronic money tokens and is expected to strengthen confidence among institutional users.
Spanish exchange Bit2Me, which holds a MiCA license, is reported to be among the platforms that have engaged in discussions with member banks. Securing partnerships beyond the European market will likely determine how competitive the token becomes against established global stablecoins.
The launch comes at a time when European policymakers are seeking to reinforce monetary sovereignty in digital finance. A bank backed euro stablecoin could serve as a bridge between traditional banking systems and blockchain based settlement networks, particularly for corporate clients seeking compliant digital liquidity solutions.
As global stablecoin volumes continue to expand, Qivalis represents one of the most coordinated efforts by established banks to issue a euro native digital asset under unified regulatory standards.
