• 10 European banks unite to launch a euro-denominated stablecoin.
• Qivalis targets a 2026 rollout to counter U.S. digital-payment dominance.
• The company seeks an EMI licence from the Dutch central bank.
• Initial adoption will focus on crypto trading and settlement efficiency.

A group of 10 top European banks is moving ahead with its joint effort to transform the digital payment environment in the European region. This group of European banks has formed a new firm, named Qivalis, which is scheduled to launch the issuance of the first stablecoin denominated in euros in the second half of 2026. This plan aims to diversify Europe’s reliance on digital assets that come from the United States.

Qivalis is seeking an Electronic Money Institution licence from the Dutch central bank. The approval process is expected to take six to nine months. The company plans to scale its team to nearly 50 employees within two years as development progresses.

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Leadership, Early Roadmap, and Market Context

Jan-Oliver Sell will lead Qivalis as CEO, with background knowledge from being a leader in Coinbase Germany, as well as previous experience with Binance. Howard Davies, the previous chairman of NatWest, will also join as its chairman, adding characteristic banking expertise.

At first, this stablecoin will facilitate near-instant, low-cost payment services for crypto trading. This is because, within the banking industry, priorities are shifting as the usage of stablecoins and blockchain technology grows. Currently, stablecoins that maintain a link with the dollar are most widely used, with Tether being the leading player.

Euro-detailed stablecoins, however, remain few. This is as evidenced by the relatively low usage of the Euro token launched by Societe Generale in 2023, as their solution is sought by the banks.

Regulatory Pressure and Strategic Motivation

European regulators remain concerned that private stablecoins might drain the banking system of its liquidity. However, the European Central Bank is working on a digital euro, although it also sees value in Europe-based stablecoin solutions run by established players.

According to Floris Lugt, the digital assets leader of ING and the soon-to-be CFO of Qivalis, the project has been of great interest to the ECB. This project fits well within Europe’s ambition of seeking strategic autonomy in payment systems, particularly against the backdrop of U.S. dollar-supported stablecoins that have seen a surge in the wake of legislation in America.

The initial banking group included ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International. BNP Paribas subsequently joined the group, adding strength to their bid. A group of 10 other global banks, including BNP Paribas, is contemplating making a similar move.

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