Catenaa, Friday, January 23, 2026-A group of 10 European banks, including BNP Paribas, ING, and UniCredit, has formed a company called Qivalis to launch a euro-pegged stablecoin aimed at countering US dominance in digital payments, a report by Reuters says.
The token is expected to debut in the second half of 2026, pending regulatory approval and licensing.
Jan-Oliver Sell, previously CEO of Coinbase Germany, will lead Qivalis, with former NatWest chair Howard Davies serving as chair.
The Amsterdam-based firm plans to hire 45 to 50 employees over the next two years, with one-third already onboard.
The stablecoin will initially focus on crypto trading, offering “near-instant, low-cost payments and settlements,” while later expanding use cases is anticipated.
The initiative comes as stablecoins have grown rapidly, particularly US dollar-backed tokens such as Tether.
Euro-pegged alternatives remain limited, with Societe Generale’s SG-FORGE having just 64 million euros in circulation.
Regulators, including the European Central Bank, have expressed concerns that private stablecoins could divert funds from regulated banking and affect monetary policy.
Qivalis is seeking an Electronic Money Institution license from the Dutch central bank and has engaged with the ECB, which expressed support for a European-led solution to ensure strategic autonomy in payments.
Other banks in the consortium include Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, Raiffeisen Bank International, and BNP Paribas, which joined after the initial announcement.
A separate group of banks in Europe and the US is also exploring stablecoin issuance, reflecting growing institutional interest in digital currencies.
