European Banks Unite for Euro Stablecoin: Qivalis Aims to Challenge US Dominance
A European Stablecoin Push: 10 Banks Form Qivalis
A consortium of 10 major European banks has launched Qivalis, an Amsterdam-based company to issue a euro-pegged stablecoin. As a result, this initiative counters U.S. dollar dominance in digital payments. Specifically, it promotes European strategic autonomy in blockchain finance. The banks include ING, UniCredit, BNP Paribas (newly joined), Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International. Furthermore, Qivalis will focus on near-instant, low-cost payments and settlements. For instance, its initial use case targets crypto trading. Therefore, it boosts efficiency in digital asset markets.
Timeline and Team: Launch Slated for H2 2026
Qivalis plans to launch in the second half of 2026. However, it faces a six-to-nine-month licensing process first. Consequently, the company will apply for an Electronic Money Institution (EMI) license from the Dutch central bank. Moreover, it has received positive feedback from the ECB. Thus, this supports Europe’s push for homegrown stablecoins. In fact, the ECB favors euro-based options over U.S. dollar ones. For example, it worries about stablecoins draining regulated banking systems. As a result, Qivalis hires 45-50 staff over 18-24 months. One-third is already onboarded.
Leadership and Broader Context: ECB’s Digital Euro in Play
Jan-Oliver Sell, former Coinbase Germany CEO and Binance alum, leads as CEO. Additionally, Howard Davies, ex-NatWest chair, serves as chair. Moreover, Floris Lugt, ING’s digital assets head, is CFO. Thus, the team blends fintech and banking expertise. In addition, BNP Paribas joins another group of 10 banks (including Bank of America, Deutsche Bank, Goldman Sachs, and UBS) exploring stablecoins. However, the ECB develops its own digital euro. Therefore, Qivalis fits into Europe’s regulatory landscape. As a result, it ensures compliance with MiCA rules.
Market Impact: Reviving the Euro Stablecoin Scene
The euro stablecoin market needs a boost. Demand stays low. For instance, Societe Generale’s euro-pegged stablecoin circulates just 64 million euros. Consequently, Qivalis could change that. Specifically, it leverages blockchain for faster settlements. Thus, it attracts institutions wary of dollar reliance. Additionally, it promotes European innovation. As a result, tokenized assets grow. Europe’s $16T RWA market benefits. Furthermore, it reduces U.S. dominance risks.
The Horizon: A Unified European Digital Finance
Qivalis isn’t just a stablecoin. Moreover, it’s Europe’s bid for payment sovereignty. Thus, as 2026 approaches, watch adoption rise. For users, it’s efficient euros on-chain. Platforms like Lumexo trade stablecoins with low fees. Therefore, the future looks connected. Europe leads.