European Banks Unite to Launch Euro-Backed Stablecoin 'Qivalis'

On December 2, 2025, a consortium of ten major European banks announced the formation of Qivalis, a Netherlands-based company dedicated to launching a euro-backed stablecoin. The consortium includes ING, UniCredit, BNP Paribas, Banca Sella, KBC, DekaBank, Danske Bank, SEB, CaixaBank, and Raiffeisen Bank International. Qivalis aims to introduce the stablecoin in the second half of 2026, pending approval of an Electronic Money Institution (EMI) license from the Dutch Central Bank, a process expected to take six to nine months. The initiative seeks to provide a European alternative in the digital payments landscape, challenging the dominance of U.S. dollar-backed stablecoins. Jan-Oliver Sell, formerly of Coinbase Germany, has been appointed as CEO, with Floris Lugt of ING as CFO, and former NatWest chair Howard Davies as chair.

The consortium initially comprised nine banks: ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. BNP Paribas joined the group ahead of the December 2 announcement. The consortium has established Qivalis in Amsterdam, aiming to be licensed and supervised by the Dutch Central Bank as an e-money institution.

The stablecoin will be regulated under the EU's Markets in Crypto-Assets Regulation (MiCAR) and is expected to be issued in the second half of 2026. Qivalis is in the process of applying for an EMI license from the Dutch Central Bank, with the licensing process anticipated to take six to nine months.

The initiative aims to provide near-instant, low-cost payments and settlements, enabling 24/7 access to efficient cross-border payments, programmable payments, and improvements in supply chain management and digital asset settlements. By introducing a euro-backed stablecoin, the consortium seeks to offer a European alternative to the U.S.-dominated stablecoin market, contributing to Europe's strategic autonomy in payments.

The launch of a euro-backed stablecoin by major European banks signifies a significant shift in the digital payments landscape. It reflects a concerted effort to enhance Europe's position in the global digital economy, reduce reliance on U.S. dollar-backed stablecoins, and foster innovation within the European financial sector. This development could lead to increased competition in the stablecoin market, potentially driving down transaction costs and improving services for consumers and businesses alike.

Qivalis represents a significant step towards European financial sovereignty in the digital age. The success of this initiative could reshape the global stablecoin market and digital payments landscape.