A group of 10 major European banks has formed a new consortium to launch a euro-pegged stablecoin, aiming to reduce reliance on U.S. dollar-based digital payment systems.
The banks have set up a company called Qivalis, which will issue the stablecoin once it receives regulatory approval. The token is expected to launch in the second half of 2026.
The consortium includes BNP Paribas, ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International. BNP Paribas joined after the initial announcement, the group said.
Former Coinbase Germany CEO Jan-Oliver Sell will serve as chief executive of Qivalis. Howard Davies, former chair of NatWest, has been appointed chair. The Amsterdam-based firm plans to hire 45 to 50 staff over the next two years.
The stablecoin will first focus on cryptocurrency trading and payments. The consortium said it aims to offer fast, low-cost settlements, with plans to expand into other payment uses later.
U.S. dollar-backed stablecoins currently dominate the market, while euro-pegged options remain limited. Societe Generale’s SG-FORGE is one of the few existing examples, with around 64 million euros in circulation.
European regulators, including the European Central Bank (ECB), have warned that private stablecoins could move deposits away from banks and affect monetary policy. Qivalis is seeking an Electronic Money Institution license from the Dutch central bank and has held talks with the ECB.
Sources said the ECB supports a European-led payments solution to strengthen regional financial independence. Other banking groups in Europe and the United States are also exploring stablecoin projects, reflecting growing institutional interest in digital currencies.
