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A coalition of ten major European banks has unveiled plans for Qivalis, a Netherlands-based venture that aims to issue a euro-denominated stablecoin as Europe accelerates its push for digital monetary autonomy.
European banks unite behind Qivalis
The initiative marks one of the most coordinated attempts yet by incumbent lenders to carve out space in a market long dominated by US dollar tokens and American fintech issuers.
The consortium — comprising BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, SEB, KBC, Raiffeisen Bank International, Banca Sella and DekaBank — intends to launch its first token in H1 2026, subject to regulatory approvals.
Qivalis has already applied to De Nederlandsche Bank for an electronic money institution licence and expects to recruit up to 50 staff within two years.
A Strategic Bet on European Monetary Independence
At the launch event in Amsterdam, executives cast Qivalis as a structural response to Europe’s reliance on foreign stablecoin infrastructures.
Chair Sir Howard Davies, former head of both NatWest Group and the UK Financial Services Authority, framed the effort as part of a wider strategic imperative: Europe, he argued, must be able to compete globally without outsourcing the architecture of digital money.
Chief executive Jan-Oliver Sell — previously responsible for securing Coinbase Germany’s landmark BaFin custody licence — described the project as “a watershed moment” for Europe’s digital finance landscape.
According to Sell, a native euro stablecoin represents not just a convenience for on-chain payments but a route to safeguarding European policy priorities in a tokenised economy.
Design Choices and Early Use Cases
Qivalis intends to maintain 1:1 backing with the euro using a combination of cash deposits and high-quality liquid assets, overseen by newly appointed CFO Floris Lugt, ING’s former digital-assets lead.
Initial use cases will focus on crypto-market settlement and institutional trading, with the consortium positioning the token as a low-cost, near-instant settlement instrument.
The venture is expected to operate as a utility, according to sector reporting, with reserve income forming a key component of its sustainability model.
Deposits will not necessarily sit with member banks, allowing the firm to optimise for risk management rather than internal balance-sheet considerations.
A European Counterweight to US Stablecoin Expansion
The timing is significant.
The US stablecoin market is in flux following the passage of the GENIUS Act, with issuers moving quickly ahead of detailed Treasury rulemaking.
European banks fear that without home-grown alternatives, the continent risks becoming dependent on foreign digital-currency infrastructures.
While the ECB continues to advance its own digital euro plans, officials — including Christine Lagarde — remain wary of the systemic risks posed by privately issued stablecoins.
Qivalis, however, appears designed to sit alongside, rather than compete with, any eventual central bank digital currency, offering the blockchain-native functionality that the ECB has signalled it will not provide.
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