Ten leading European banks have formed a new company, qivalis, to issue a euro-pegged stablecoin designed to bolster Europe’s role in digital payments. The entity, based in Amsterdam, will be led by CEO Jan-Oliver Sell, who earlier worked at Coinbase in Germany. ING’s digital asset head, Floris Lugt, will serve as CFO, while former NatWest chair Howard Davies will hold the chairman role. The consortium aims to create a regulated, institution-backed digital asset that can compete with US stablecoins, which currently dominate global market share.
The group initially included ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International. BNP Paribas has since joined, signaling broader institutional alignment behind the project. The company is seeking an Electronic Money Institution licence from the Dutch central bank, with regulatory approval expected to take six to nine months. The stablecoin is planned for launch in the early part of the second half of 2026, contingent on completion of the licensing process.
The initiative comes as the global stablecoin market accelerates, particularly in the United States, where major financial institutions are preparing their own regulated dollar-backed tokens following recent federal legislation. Tether remains the dominant issuer, with roughly $185 billion of dollar-based stablecoins in circulation. Against that backdrop, qivalis represents Europe’s latest effort to improve competitiveness, reduce reliance on non-European issuers, and strengthen oversight of digital settlement infrastructure.
Strategic Implications for the European Market
The introduction of a euro-denominated stablecoin could provide institutional users with an alternative settlement rail that aligns with regional regulatory standards. Banks in the consortium have emphasized the need to modernize Europe’s payments architecture and cited the risk of falling behind US issuers that operate at larger scales and benefit from more mature domestic regulation. A stable, regulated euro token could support cross-border payments, institutional trading, and digital asset markets while mitigating reliance on offshore liquidity providers.
Regulators across the EU continue to implement the Markets in Crypto-Assets (MiCA) regulation, which sets requirements for issuance, reserve management, and operational transparency. By anchoring qivalis within this environment, the consortium aims to provide compliance assurances that could make the stablecoin more acceptable for banks, corporates, and institutional investors. The group’s decision to centralize licensing in the Netherlands reflects the country’s increasingly active role in digital finance oversight.
The project underscores both the competitive pressures and regulatory momentum shaping digital assets globally. If successful, qivalis could serve as a benchmark for Europe’s expanding digital money ecosystem and offer a regionally controlled alternative in a sector still dominated by US-based issuers.