European Banks Advance Joint Strategy to Launch Euro Stablecoin Under Qivalis in 2026

European banks plan a joint euro stablecoin to strengthen regional control over digital payments.

Qivalis seeks approval and aims to launch its regulated euro token in the second half of 2026.

The project expands competition as euro stablecoins hold a small share in a growing global market.

A group of 10 major European banks is moving ahead with plans to introduce a euro stablecoin under a new Dutch entity named Qivalis. The group now includes BNP Paribas, which confirmed its participation this week

The consortium aims to strengthen Europe’s position in digital payments as activity in the global stablecoin market accelerates. The banks seek to counter the dominance of U.S. dollar-based tokens, which currently lead the sector’s growth.

Regulatory Path and Leadership Setup

Qivalis has applied to the Dutch Central Bank to obtain an electronic money licence. The group anticipates it to be approved prior to the scheduled implementation in the second half of 2026. The company will operate from Amsterdam and continue building its governance structure during the licensing period

It plans to hire up to 50 employees within two years and has already filled a portion of the roles. Jan-Oliver Sell will lead the venture as CEO. He previously worked at major crypto firms in Europe. Former NatWest chair Howard Davies will serve as chair. The consortium views a strong leadership team as essential to navigating regulatory expectations around digital assets.

Strategic Push for European Payment Autonomy

The project aims to create a blockchain-native payment infrastructure aligned with the European Union’s Markets in Crypto-Assets regulations. The banks intend to design systems that support near-instant and low-cost settlement for corporate and financial clients. Although the long-term goal includes broad payment use, the initial adoption is expected within crypto trading

The European institutions are still assessing how to deal with risks associated with the private stablecoins and invite controlled innovation in digital finance. As part of its quest to limit the use of the non-European payment channels, the European Central Bank is in the process of developing a digital euro

Some members of the consortium have mentioned that the ECB has shown interest in European solutions that support strategic independence. Earlier this year, Garanti BBVA Kripto launched public crypto trading as MiCA regulations drove European banks toward digital asset adoption.

Market Context and Competitive Landscape

Euro-denominated tokens hold a small share of the global stablecoin market. Existing options include Société Générale’s euro token and Circle’s EURC, which together represent a modest portion of circulating supply. The consortium intends to broaden this segment based on its financial networks that it has established. The use of blockchain as cryptocurrencies continues to grow, putting pressure on traditional lenders to utilize the technology

Simultaneously, the large U.S financial institutions are also planning their own stablecoin release after the new law. There is another consortium of international banks that are looking at a different stablecoin project, and BNP Paribas is involved in both projects. Moreover, BNP Paribas launched a tokenized money market fund using blockchain to boost speed efficiency and retail investor access. Qivalis anticipates that its licensing process will last up to nine months, which is within the schedule of launching the service.