Summary:
- Qivalis is in advanced talks with crypto exchanges and liquidity firms ahead of a planned euro-pegged stablecoin launch in the second half of 2026.
- The consortium includes major banks such as ING, UniCredit and newly joined BBVA.
- The stablecoin reserves are expected to be backed 1:1, with at least 40% in bank deposits and the rest in short-term euro-area sovereign bonds.
- The project aims to offer a regulated European alternative to US dollar-denominated stablecoins under the EU's Markets in Crypto-Assets Regulation framework.
A consortium of major European banks is quietly laying the groundwork for one of the most significant euro-denominated digital currency projects to date. Qivalis is in advanced talks with crypto exchanges and liquidity firms to distribute its planned euro-pegged stablecoin, according to a report published Monday by Spanish business newspaper Cinco Días. The group which includes ING, UniCredit and the recent addition of BBVA is moving toward a stablecoin launch in the second half of 2026. The shareholder banks themselves are also expected to play a direct role in distributing the token once it goes live. The discussions reportedly involve crypto exchanges, market makers and liquidity providers. In simple terms, these are the firms that ensure a digital asset can be easily bought, sold and redeemed without large price swings. Without them, even a fully backed stablecoin can struggle to gain traction.
Jan Sell, Qivalis CEO and former head of Coinbase in Germany, said the consortium is considering partnerships with both European and international platforms. That approach reflects the project's ambition to be capable of competing globally. The strategic aim is to offer a regulated, domestic alternative to US dollar-denominated stablecoins, which currently dominate global crypto markets. In early February, BBVA joined Qivalis as its 12th member, strengthening the consortium's footprint across the continent. Jan Sell said,
That statement reflects a broader shift taking place across Europe's banking industry, one that increasingly sees digital assets as part of future financial infrastructure.
A MiCA-Compliant Model with Conservative Reserve Backing
Unlike many early stablecoin projects that emerged from crypto-native startups, Qivalis is positioning its euro token firmly within the European regulatory framework. The consortium is seeking partners that comply with the European Union's Markets in Crypto-Assets Regulation, widely known as MiCA. This regulatory framework sets strict requirements for reserve transparency, consumer protection and operational resilience. According to the Cinco Días report, Bit2Me, a MiCA-licensed exchange in Spain, is among the platforms that have held talks with one of the consortium's banks. That detail signals that regulatory alignment is a selection criterion for potential partners.
During a presentation cited in the report, Qivalis chief financial officer Floris Lugt reportedly outlined the process of stablecoin would be backed. He said the reserves will be maintained 1:1, meaning each digital euro token issued would correspond to one euro in underlying assets. At least 40% of those reserves would be held in bank deposits. The remainder would be invested in short-term, high-quality euro-area sovereign bonds. The purpose of this split, he explained, is to avoid concentration risk in any single country. By combining traditional bank deposits with conservative government debt, Qivalis appears to be designing a model that aligns closely with mainstream financial risk standards.
Lugt also reportedly said the euro stablecoin will support 24/7 redemption for token holders. In practice, that means users should be able to exchange their digital tokens for euros at any time. If delivered as described, this around-the-clock convertibility could make the token attractive for cross-border payments, treasury operations and digital asset trading within Europe.
Europe's Push for Monetary Relevance in Digital Markets
The dominance of US dollar stablecoins in crypto markets has been a recurring concern among European policymakers and financial institutions. Most global trading pairs, decentralized finance protocols and on-chain settlement systems revolve around dollar-pegged tokens. By launching a euro-backed alternative through established banking institutions, Qivalis is attempting to carve out a space for the euro within the fast-moving world of digital finance. The timing is significant. MiCA is now in force across the European Union, providing a harmonized regulatory framework that did not exist during the previous crypto cycle. This clarity gives traditional banks more confidence to participate directly in digital asset issuance and distribution.
At the same time, competition is likely to intensify very fast. Other financial institutions and fintech firms are exploring their own stablecoin models, while the European Central Bank continues to evaluate its digital euro initiative. Qivalis sits at the intersection of these developments, It represents a consortium model - traditional banks pooling resources to enter the digital asset arena together. Much will depend on execution like, Securing exchange partnerships, ensuring deep liquidity and building trust among users will be essential. Regulatory compliance alone does not guarantee adoption because the token must also be practical, widely accepted and easy to integrate into existing systems.
Still, the involvement of institutions such as ING, UniCredit and BBVA gives the initiative weight. These are banks with millions of clients across Europe and beyond. If they actively distribute and integrate the stablecoin into their services, the impact could extend far beyond crypto trading desks. As the second half of 2026 approaches, Europe's financial sector appears increasingly determined to shape its own digital currency narrative rather than rely solely on dollar-based instruments.
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