A group of 10 major European banks is preparing to launch Qivalis, a euro-pegged stablecoin designed to strengthen Europe’s payment autonomy and reduce reliance on U.S. dollar-backed digital currencies. The project is targeting a second-half 2026 launch, pending regulatory approvals.
The consortium brings together some of Europe’s biggest financial institutions, including BNP Paribas, ING, UniCredit, KBC, Caixabank, Danske Bank, SEB, DekaBank, Banca Sella, and Raiffeisen Bank International.
Together, they have formed an Amsterdam-based entity aimed squarely at building a European-led stablecoin infrastructure.
Leadership and launch plans
Qivalis will be led by Jan-Oliver Sell, who previously served as CEO of Coinbase Germany. The chair role will be filled by Howard Davies, bringing traditional banking credibility to the initiative.
The company plans to hire 45 to 50 employees over the next two years, with roughly one-third of those roles already filled. The initial rollout will focus on crypto trading and settlement, offering near-instant, low-cost euro payments between market participants.
Broader consumer and merchant payment use cases are expected to follow later, once Qivalis secures an Electronic Money Institution (EMI) license from the Dutch central bank.
Why a euro stablecoin and why now?
Stablecoins have grown rapidly, but the market remains dominated by U.S. dollar-backed tokens. Euro-denominated options are still scarce. At present, SG-FORGE has around €64 million in circulation a fraction of dollar-based stablecoin supply.
European policymakers, including the European Central Bank, have repeatedly raised concerns that privately issued stablecoins could siphon deposits away from regulated banks and weaken monetary policy transmission. At the same time, officials have signaled support for European-controlled digital payment solutions that align with regulatory frameworks and strategic autonomy goals.
Qivalis is positioning itself as exactly that: a euro-native, bank-backed alternative designed to operate within European rules rather than around them.
A broader institutional shift
The launch of Qivalis reflects a growing trend of institutional engagement with stablecoins, not just in Europe but globally. Other banking groups in Europe and the United States are also exploring tokenized money and settlement solutions, suggesting that stablecoins are increasingly viewed as financial infrastructure rather than fringe crypto products.
If successful, Qivalis could play a meaningful role in reshaping euro-denominated digital payments offering faster settlement while keeping control firmly within the European banking system.
