A consortium of 12 European banks is targeting a second-half 2026 launch for a euro-backed stablecoin. The coordinated effort marks one of the region’s most direct attempts to challenge the dominance of dollar-pegged digital tokens.
The initiative, known as Qivalis, includes CaixaBank, BNP Paribas, ING, UniCredit, and BBVA, alongside Danske Bank, DZ Bank, SEB, KBC, Raiffeisen Bank International, DekaBank, and Banca Sella, according to reporting by CincoDías. The proposed token would be pegged 1:1 to the euro, with at least 40% of reserves held in bank deposits and the remainder in high-quality, short-term eurozone sovereign bonds. The structure aims to support full backing and round-the-clock redemption.
Can A Bank-Led Euro Stablecoin Compete With The Dollar?
Jan Sell, former head of Coinbase Germany and now CEO of Qivalis, told CincoDías that the goal is to create a “regulated, domestic alternative to U.S. dollar-denominated stablecoins” within the European Union. Distribution is central to that plan, with the consortium in advanced discussions with crypto exchanges, market makers, and liquidity providers to secure listings from launch. Member banks are also expected to distribute the token through their own channels.
The effort comes as euro-backed stablecoins account for a small share of global supply. More than 95% of stablecoins are pegged to the U.S. dollar, according to data, reinforcing the scale of the challenge. Yet the regulatory backdrop in Europe may offer an opening, as the Markets in Crypto-Assets regulation (MiCA) imposes licensing, capital, and reserve requirements that favor well-capitalized institutions. BBVA joined the consortium in February, shelving its own solo project in favor of the group approach.
Institutional interest in stablecoins is rising across jurisdictions. Barclays is reportedly exploring blockchain-based settlement tools, while the UK Financial Conduct Authority has selected firms including Revolut to test stablecoin use cases in a regulatory sandbox. Whether Qivalis can translate regulatory clarity and bank distribution into meaningful market share will likely hinge on exchange listings and cross-border payment adoption as the 2026 timeline approaches.
