MiCAR-compliant stablecoin issuer Qivalis has planned to launch a euro stablecoin in H2 2026, while working towards a Dutch Central Bank (DNB) authorisation for becoming an EMI.
Ten major European banks, including Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, UniCredit, and BNP Paribas, joined forces to launch Qivalis in H2 2025 under the supervision of DNB. Right now, the incorporation, leadership, and governance of the initiative are public, including Qivalis’s CEO, the ex-Managing Director at Coinbase.
The impact of the euro-pegged stablecoin
With its governance structure in place, the company aims to obtain its regulatory approval and launch the euro-pegged stablecoin in H2 2026. Using blockchain technology, this solution will become a trusted European payment standard in the digital landscape, enabling 24/7 access to efficient cross-border payment solutions, programmable payments, and improvements in supply chain management and digital asset settlement, including tokenised assets and crypto. The stablecoin also aims to provide near-instant, low-cost payments and settlements.
The consortium of institutions will remain open for more banks to join, reflecting its mission to drive developments across payments, settlement, and tokenised and digital assets. The group will further stay committed to security, transparency and responsibility in its approach.
Until the official launch, preparatory activities will focus on ongoing regulatory discussions, as well as operational and technical readiness. Qivalis believes that this rollout is key for Europe’s ability to compete in the global digital economy while preserving sovereignty. The company aims to build more than a payment rail, but a way to embed European values around data protection, financial stability, and regulatory compliance into digital currencies.
A native euro stablecoin can bring not only convenience but also monetary autonomy in the digital landscape, offering new opportunities for European businesses and consumers to interact with blockchain technology and make payments in their own currency. This can make a shift for SMEs, fintechs, companies, and consumers on the continent, enabling them to transact easily across borders and maintain stability.
However, regulators worry that stablecoins could suck money flows out of the regulated banking system. ECB representatives mentioned that privately issued stablecoins may pose risks for monetary policy and financial stability. The ECB is also working on a digital euro of its own as an alternative to US-dominated ways of paying. Additionally, a separate group of ten banks, including Bank of America, Deutsche Bank, Goldman Sachs, and UBS, also announced that they are exploring issuing a stablecoin together. BNP Paribas is part of both groups.
