12 EU Banks Launch Euro Stablecoin Qivalis

A consortium of 12 major European banks called Qivalis is in active discussions with crypto exchanges and market makers regarding the launch of a regulated euro stablecoin in the second half of 2026. The token will become the first large-scale European alternative to the dominance of dollar-denominated stablecoins in the crypto market.

Consortium Members

Qivalis includes some of Europe's largest financial institutions: ING, UniCredit, BNP Paribas, CaixaBank, BBVA, Danske Bank, DZ Bank, SEB, KBC, Raiffeisen Bank International, DekaBank, and Banca Sella. The combined assets of participants exceed 10 trillion euros.

This representation of banks from different EU countries provides a broad geographical base and regulatory trust. This fundamentally distinguishes Qivalis from existing stablecoins created by crypto companies.

Backing Structure

The euro stablecoin will be fully backed 1:1 by a combination of bank deposits and high-quality short-term eurozone sovereign bonds. At least 40% of reserves will be held as liquid bank deposits to ensure systemic stability.

Distribution Strategy

Qivalis CEO Jan Sell stated that the consortium wants to ensure the token is available on regulated trading platforms from day one. Spanish crypto exchange Bit2Me confirmed it has held discussions with one of the group's banks, though most platforms declined to comment.

This approach contrasts with the Tether and Circle model, which relies on organic liquidity growth. Qivalis is instead deliberately building a network of partners ahead of launch.

Regulatory Status

The consortium has applied for authorization from the Dutch Central Bank under the MiCA (Markets in Crypto-Assets) regulation. This is the first time such a large banking alliance has undergone the stablecoin licensing process in the EU.

MiCA sets clear requirements for stablecoin issuers regarding capital, reserves, and transparency. Compliance with these standards could give Qivalis a competitive advantage over USDC and USDT in the European regulatory space.

Impact on Crypto Market

The emergence of a bank-backed euro stablecoin could significantly change the crypto market landscape. Currently, dollar stablecoins dominate with over 95% market share, while European alternatives remain marginal. Qivalis has all the prerequisites to become the first euro stablecoin with real liquidity and institutional trust.

For Ukrainian users, this could mean more convenient entry into the crypto market through euros without the need for dollar conversion, as well as potentially lower fees through direct banking rails.