European banks form Qivalis to launch MiCA‑regulated euro stablecoin by mid‑2026
A consortium of ten major European banks — BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, KBC, Banca Sella, SEB, DekaBank and Raiffeisen — has created Qivalis, an Amsterdam‑based joint venture to build a MiCA‑compliant euro stablecoin and payment infrastructure. Qivalis aims to secure an Electronic Money Institution (EMI) license from the Dutch central bank and target a mid‑2026 launch. The fully fiat‑backed token is designed for on‑chain, 24/7 payments, instant cross‑border settlements and programmable finance use cases (for example, automated settlements for tokenized securities). Jan‑Oliver Sell, formerly of Coinbase Germany, has been appointed CEO. Member banks plan to provide custody and wallet services and emphasise reserve transparency, regulatory compliance and integration with existing banking rails to boost euro liquidity in blockchain ecosystems. The move targets a wide market gap: euro stablecoin supply is roughly €670 million versus over $300 billion in dollar stablecoins, with Circle’s EURC (~€330m) and Société Générale’s EURCV (~€62m) leading the euro pool. Qivalis is constructing its governance framework and expects regulatory approval ahead of the planned 2026 debut.
Bullish
The announcement is likely bullish for the euro stablecoin market specifically. Ten major banks forming Qivalis signals strong institutional backing and a clear path toward regulatory approval (EMI license) and banking‑grade custody — factors that increase trust and could accelerate euro stablecoin adoption. In the short term, direct price effects on any single token are limited because Qivalis’s stablecoin will be fiat‑pegged and designed for payments rather than speculative appreciation. However, increased euro stablecoin liquidity can boost trading volumes and on‑chain euro flows, improving market depth for euro‑denominated pairs and reducing reliance on dollar stablecoins. Over the medium to long term, a MiCA‑compliant, bank‑issued euro stablecoin backed by established banks may draw capital and settlement activity into euro rails, potentially increasing demand for associated on‑chain services and euro liquidity tools. Risks that could temper the bullish view include regulatory delays, slower-than-expected onboarding by corporate clients, or competitive responses from existing stablecoin issuers, but the institutional consortium materially improves the probability of wider euro stablecoin adoption.