A coalition of ten European banks has established a Netherlands-based venture, Qivalis, to create a euro-pegged stablecoin targeted for launch in the second half of 2026, subject to licensing.
The group includes ING, UniCredit, BNP Paribas, Raiffeisen Bank International, SEB, Danske Bank, CaixaBank, KBC, Banca Sella and DekaBank.
Qivalis has applied to De Nederlandsche Bank for an electronic money institution licence and plans to hire 45 to 50 staff in the next 18 to 24 months, according to reporting by Reuters. The company said its token will enable “near-instant, low-cost payments and settlements,” with the initial use case focused on crypto trading.
Governance and leadership were confirmed at a press conference in Amsterdam. Howard Davies, former chair of NatWest Group and the Financial Services Authority, will serve as chair. Jan‑Oliver Sell, previously managing director of Coinbase Germany and with experience at Binance, has been appointed chief executive officer. Floris Lugt, ING’s digital assets lead, becomes chief financial officer with responsibility for overseeing reserves.
Explaining the rationale, Lugt said the group was in touch with the European Central Bank and conveyed a supportive stance. “Our impression from them is that they are very supportive and that’s because one important policy objective is to achieve strategic autonomy in European payments,” he said, adding concern about the dominance of “U.S. dollar fintech-issued stablecoins.”
BNP Paribas described the initiative as a way to foster innovation and security in digital transactions and to explore “the technological benefits of this solution,” in a press release. It said Qivalis is “working to obtain its electronic money institution license and preparing to launch the euro-backed stablecoin in the second half of 2026,” and that participating banks will test concrete use cases to ensure regulatory compliance and long-term sustainability.
The consortium aims to maintain 1:1 parity with the euro through cash deposits and high‑quality liquid assets. Lugt distinguished the project from the ECB’s digital euro, noting “there are no plans to link the digital euro to blockchain technology,” which would limit its use for on‑chain payments.
Ledger Insights said Qivalis will operate as a utility seeking to cover costs, with reserve income significant for the model. It reported that deposits will not necessarily be placed at member banks and will be selected to minimise risk, alongside holdings of high‑quality liquid assets.
While leading European lenders continue to push into stablecoins, policymakers are simultaneously scrutinising the digital currency. Reuters noted ECB president Christine Lagarde’s view that privately issued stablecoins pose risks for monetary policy and financial stability, even as the ECB pursues its own digital euro strategy.
