Major European Banks Unite to Create Qivalis and a New Euro Digital Currency

Key Highlights

• Ten major European banks form Qivalis, a euro-backed stablecoin venture to counter US dominance in digital payments.
• The consortium aims to launch the stablecoin in H2 2026, pending Dutch regulatory approval from the Dutch regulators.
• Led by former Coinbase and top banking executives, Qivalis positions Europe for a regulated, bank-backed cryptocurrency future.

Europe is making its most coordinated push yet into digital currencies as ten major European banks join forces to launch Qivalis, a new euro-pegged stablecoin designed to strengthen the region’s position in the global digital payments landscape.

Qivalis, a New Euro Stablecoin for 2026

According to Reuters, the group includes major lenders such as ING, UniCredit, BNP Paribas, Banca Sella, KBC, DekaBank, Danske Bank, SEB, CaixaBank, and Raiffeisen Bank International, forming one of the strongest banking coalitions in Europe’s cryptocurrency sector.

The goal is clear. Offer a fully regulated, euro-backed stablecoin that can compete with dominant US digital payment rails and the rapidly growing market for dollar-based tokens.

Qivalis: Europe’s Strategic Bet Against US Stablecoin Dominance

While Europe has been slower to develop bank-backed digital currencies, the US has surged ahead. Dollar-based stablecoins, particularly Tether, which now has roughly $185 billion in circulation, dominate global crypto liquidity.

Leading American financial institutions have already signalled new dollar-backed stablecoin launches, following a law signed by Trump establishing a clearer regulatory framework.

For Europe, this raises a strategic concern: If digital payments remain dollar-led, Europe risks marginalisation in the next era of financial infrastructure. Qivalis attempts to rebalance that equation by offering a trusted, bank-led alternative rooted in the euro.

A Leadership Team Bridging Traditional Finance and Crypto

Qivalis’ leadership reflects a deliberate blend of crypto-native expertise and established financial governance.

• Jan-Oliver Sell, formerly at Coinbase Germany, will serve as CEO.
• Floris Lugt, ING’s digital assets lead, steps in as CFO.
• Howard Davies, former chair of NatWest, will serve as chair of the company.

This hybrid leadership is designed to reassure regulators and institutions that the stablecoin is both cutting-edge and compliant, especially as scrutiny around crypto intensifies globally.

Regulatory First: A Dutch EMI Licence in Progress

Qivalis is currently applying for an Electronic Money Institution (EMI) licence with the Dutch central bank, a mandatory step if the consortium wants to issue a compliant, euro-backed token across the EU.

The licensing process is expected to take six to nine months, according to Qivalis executives. If approved on schedule, the stablecoin is expected to go live in the second half of 2026.

This timeline intentionally aligns with Europe’s evolving regulatory landscape, including MiCA (Markets in Crypto-Assets), which puts significant compliance obligations on stablecoin issuers.

Why Qivalis Matters for Europe’s Digital Future

If Qivalis succeeds, it could become Europe’s most credible attempt to scale digital payments without relying on U.S.-centric crypto infrastructure. A euro stablecoin backed by established regional lenders could strengthen the euro’s role in global digital commerce.

Provide regulated on-chain payment options for businesses and consumers. Enable faster, cheaper settlement across EU markets. Lower dependence on dollar-based stablecoins. Allow banks to compete with fintechs and crypto-native firms.

Meanwhile, for Europe, where financial sovereignty is a growing concern, Qivalis is more than a technical project. It’s a geopolitical move, signalling that the region intends to shape the future of digital money rather than inherit it.

The Road Ahead: Opportunity Meets Heavy Scrutiny

Despite strong institutional backing, Qivalis faces hurdles:

Regulation: European regulators will demand tight controls over reserves, audits, and disclosure.
Adoption: Competing with entrenched dollar-stablecoins will require massive institutional adoption.
Technology: Interoperability across payment platforms and centralised banking systems will be key.

Still, the banks believe the opportunity outweighs the risks. With clear leadership, a unified consortium, and a 2026 launch target, Qivalis represents one of Europe’s most ambitious crypto projects yet.