37 European Banks Unite to Launch Regulated Euro Stablecoin by 2026
A growing consortium of European financial institutions is working on a regulated digital euro. The alliance, operating under the name Qivalis, has expanded its membership to 37 banks from 15 countries, including well-known names such as ABN Amro, Intesa Sanpaolo, Rabobank, Nordea, and Raiffeisen Bank International from Austria. The goal is to issue a so-called stablecoin pegged to the euro, which is intended to place digital payments in Europe on a new footing.
What is a stablecoin and what is it used for?
A stablecoin is a digital currency whose value is tied to a stable reference value — in this case, the euro. Unlike volatile cryptocurrencies such as Bitcoin, a stablecoin barely fluctuates in value because it is backed by real assets. The Qivalis stablecoin is to be collateralised on a 1:1 basis by euros and high-quality liquid assets held with regulated custodians.
In practical terms, this means: anyone holding a Qivalis stablecoin holds a digital token that can be exchanged for a real euro at any time. Such tokens can be transferred quickly, cheaply, and around the clock via blockchain networks, without the need for traditional banking infrastructure with lengthy settlement times. This makes them particularly attractive for cross-border payments and so-called on-chain settlement between financial institutions.
How does the Qivalis model work?
Qivalis is headquartered in Amsterdam and has applied to the Dutch central bank De Nederlandsche Bank for a licence as an e-money institution. Once this approval is in place, the stablecoin is to be issued. For the technical infrastructure, the consortium has selected the provider Fireblocks, which supplies tokenisation technology, wallet infrastructure, and custody solutions.
The model follows the requirements of the European crypto-asset regulation MiCA (Markets in Crypto-Assets), which establishes uniform rules for digital assets in the EU. Qivalis thus deliberately positions itself as a regulated, bank-backed countermodel to private stablecoins such as the US dollar-pegged Tether (USDT) or Circle’s USDC.
Who is behind the consortium?
Qivalis was founded in December 2025 with twelve founding members. The founding group includes, among others, BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, DekaBank, KBC Bank, Raiffeisen Bank International, SEB, and Banca Sella. A further 25 institutions joined in the most recent expansion round.
Spain is particularly well represented, with five new members including Banco Sabadell, Bankinter, and Kutxabank. France, Sweden, Greece, the Netherlands, Finland, and Ireland are each represented by two new institutions. Overall, the composition reflects a broad geographical spread across northern and southern Europe.
Reactions and political context
“We are not just building a euro stablecoin — we are laying Europe’s financial rails for the future.” This is how the consortium itself describes its ambition. Qivalis CEO Jan-Oliver Sell emphasised that the euro is Europe’s currency and that the digital financial infrastructure must reflect this, built by European institutions and according to European rules.
“We are ensuring that European principles on data protection, financial stability, and regulatory rigour are embedded in the next generation of digital money,” said Howard Davies, Chairman of the Supervisory Board of Qivalis.
The move comes against the backdrop of a lively debate about the role of private stablecoins in Europe. ECB President Christine Lagarde expressed scepticism in early May, stating that stablecoins were not the best way to strengthen the euro’s international role. Nevertheless, bank-led initiatives such as Qivalis continue to gain momentum.
Market environment: dollar dominates, euro catching up
The stablecoin market is currently clearly dominated by US dollar-pegged tokens. Their total volume recently exceeded the 301 billion US dollar mark, with Tether’s USDT at around 190 billion dollars and Circle’s USDC at approximately 77 billion dollars leading the field. Dollar stablecoins account for around 98 percent of the market in total.
Qivalis plans to bring its stablecoin to market in the second half of 2026, immediately after the licence is granted. The consortium is already in talks with crypto exchanges to ensure broad availability of the token.
