Qivalis, a consortium of 12 major European banks including BNP Paribas and ING, is in advanced talks with crypto exchanges ahead of a MiCA-compliant euro stablecoin launch in H2 2026.
A consortium of 12 major European banks is in advanced talks with crypto exchanges to ensure liquidity for a euro-pegged stablecoin set to launch in the second half of 2026, marking the most significant institutional push into the stablecoin market to date.
Qivalis, a joint venture backed by 12 of Europe's largest banks, confirmed on March 2 that it is in discussions with crypto exchanges, market makers, and liquidity providers ahead of its euro stablecoin launch. The consortium includes BNP Paribas, ING, UniCredit, CaixaBank, and BBVA, among others.
The stablecoin will be backed 1:1 by euro reserves, with at least 40% held in bank deposits and the rest in high-quality, short-term euro-area sovereign bonds. Qivalis CEO Jan-Oliver Sell said the initiative aims to provide a European alternative to U.S.-dominated stablecoins like USDT and USDC. Spanish exchange Bit2Me confirmed it is among the platforms in discussions.
The Qivalis project represents a direct challenge to the current stablecoin landscape, where U.S. dollar-denominated tokens control over 99% of the market. By launching under the EU's Markets in Crypto-Assets (MiCA) framework and seeking authorization from the Dutch central bank, the consortium is positioning its token as a fully regulated, bank-backed instrument.
For the broader crypto market, a successful euro stablecoin backed by major banks could open new on-ramp corridors for European traders and institutional investors, reduce reliance on dollar-denominated pairs, and strengthen the euro's presence in digital asset markets.
Qivalis still needs to complete its technical infrastructure and secure an electronic money institution (EMI) license from the Dutch central bank before launch. The H2 2026 timeline puts it on a collision course with Circle's expanding euro operations and other MiCA-compliant issuers. Whether exchanges will list the token alongside established stablecoins will be a key test of market appetite.
The Qivalis initiative signals a turning point in how traditional finance approaches stablecoins. If 12 of Europe's largest banks can deliver a credible, regulated euro stablecoin, the implications for crypto market structure could be significant. This is a developing story.
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