Key Points
- Ten major European banks are launching a euro-backed stablecoin.
- The project, led by a new company called Qivalis, aims to challenge U.S. dominance in digital payments.
- The leadership team includes experienced executives from the crypto and traditional finance worlds.
- The stablecoin is planned to launch in the second half of 2026, pending regulatory approval.
A powerhouse group of 10 major European banks, including giants such as ING, UniCredit, and BNP Paribas, is joining forces to create its own digital currency. The banks announced the formation of a new company, named Qivalis, which will launch a stablecoin pegged to the euro. Their goal is to build a European challenger to the U.S.-dominated digital payments market.
A team of industry veterans will lead the new Amsterdam-based company. Jan-Oliver Sell, formerly of Coinbase, will serve as CEO, while ING’s digital asset lead, Floris Lugt, will take on the CFO role. Former NatWest chair Howard Davies will be the company’s chair, signaling the project’s serious ambitions.
This move comes as stablecoins—cryptocurrencies designed to hold a constant value by being backed by traditional money—are exploding in popularity. Currently, the market is overwhelmingly controlled by U.S. dollar-based tokens, with Tether’s stablecoin alone having about $185 billion in circulation.
With major U.S. financial firms also preparing to launch their own stablecoins following a new law signed by President Trump, the European banks are making a strategic play to avoid being left behind.
The consortium’s stablecoin aims to provide a reliable, euro-based digital asset for transactions and payments across the continent.
Before it can launch, Qivalis must secure an Electronic Money Institution (EMI) license from the Dutch central bank, a process expected to take six to nine months. If all goes according to plan, the banks hope to officially launch their new stablecoin in the second half of 2026.
