TL;DR:
- Qivalis, the consortium of 12 major European banks, is negotiating with exchanges to launch its euro-pegged stablecoin in the second half of 2026.
- The stablecoin’s reserves will be backed 1:1, with at least 40% held in bank deposits and the remainder in eurozone sovereign debt.
- Bit2Me, a MiCA-licensed exchange in Spain, confirmed it has held conversations with one of the consortium’s member banks.
Qivalis, the consortium formed by twelve of Europe’s leading banks, is in an advanced stage of negotiations with various crypto exchanges, market makers and liquidity providers to secure the distribution of its euro-pegged stablecoin from day one of its commercial launch, scheduled for the second half of 2026.
The group, made up of institutions such as ING, UniCredit, CaixaBank, BNP Paribas, Danske Bank, DekaBank, DZ BANK, KBC, Raiffeisen Bank International, SEB, Banca Sella and BBVA, announced its formation in September 2025. The Spanish bank BBVA joined as the twelfth member in early February, stepping away from its own stablecoin project to back the scale offered by the collective initiative.
A Stablecoin to Challenge the Dollar
Jan Sell, CEO of Qivalis and former head of Coinbase in Germany, noted that the consortium’s priority is to offer “a regulated, domestic alternative to US dollar-denominated stablecoins,” though with a global reach in mind. Sell stressed that potential partners must comply with applicable regulatory frameworks, including the European MiCA regulation, as well as maintaining high liquidity and security standards. Among the exchanges that have entered into talks with the consortium is Bit2Me, the Spanish platform holding a MiCA license.
Regarding the stablecoin’s financial structure, Floris Lugt, Chief Financial Officer of Qivalis, explained during the consortium’s presentation that reserves will be backed 1:1. At least 40% will be held in bank deposits distributed among institutions with high credit ratings, while the remainder will be invested in short-term sovereign debt from various eurozone countries to avoid concentration and mitigate any risk. The project also aims to guarantee 24/7 operability.
The global stablecoin market remains 99% dominated by dollar-denominated assets. European banks see in the euro a concrete opportunity, particularly for cross-border business payments, where the current infrastructure remains fragmented and inefficient.
