A consortium of 12 major European banks, including ING, BNP Paribas and UniCredit, is finalizing exchange partnerships ahead of a MiCA-compliant euro stablecoin launch in H2 2026.
Qivalis, a consortium of 12 major European banks, is in advanced talks with crypto exchanges and market makers as it prepares to launch a fully-backed euro stablecoin under the EU's MiCA framework in the second half of 2026.
Qivalis, the joint venture formed by banks including ING, BNP Paribas, UniCredit, CaixaBank and BBVA, announced it has entered strategic distribution partnerships with crypto exchanges and liquidity providers. The consortium is seeking authorization from the Dutch central bank (De Nederlandsche Bank) under the Markets in Crypto-Assets (MiCA) regulation.
The euro-pegged token will be backed 1:1 by a mix of bank deposits and high-quality short-term euro-area sovereign bonds. At least 40% of reserves must be held as liquid bank deposits, a requirement designed to ensure systemic stability. The stablecoin will initially target crypto trading and digital asset settlement before expanding into broader payments.
The initiative represents Europe's most significant institutional push into stablecoins, directly challenging U.S.-dominated issuers like Tether (USDT) and Circle (USDC). With 12 banks across major EU economies backing the project, Qivalis brings a level of institutional credibility that no existing euro stablecoin has achieved.
Euro-denominated stablecoins currently account for less than 2% of the global stablecoin market. The EU sees this as a strategic vulnerability, and Qivalis is being positioned as a step toward European payment autonomy in the digital asset space. As MiCA enforcement tightens, non-compliant stablecoins face potential delisting from EU-regulated exchanges, creating an opening for regulated alternatives.
The Dutch central bank's authorization decision is expected in the coming months. If approved, Qivalis plans to launch in H2 2026. Key questions remain around adoption rates, whether major exchanges will list the token globally, and how the stablecoin will compete with Circle's EURC, which already has MiCA authorization. The project could reshape how euro liquidity flows through crypto markets.
The Qivalis consortium marks a turning point for European crypto infrastructure. Whether it succeeds in breaking the dollar's stablecoin dominance will depend on exchange adoption, regulatory timelines, and the broader push for European financial sovereignty in digital markets. This is a developing story.
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