Major European banks don form Qivalis to launch euro-pegged stablecoin for H2 2026

Ten big European banks don form Qivalis, a consortium wey base for Amsterdam to issue euro-pegged stablecoin make dem reduce dependence on US dollar–dominated digital payments. Dem participants na BNP Paribas, ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank and Raiffeisen Bank International. Qivalis don appoint Jan-Oliver Sell (former Coinbase Germany CEO) as CEO and Howard Davies (former NatWest chair) as chair. The firm dey apply for Electronic Money Institution licence from Dutch central bank and planning to hire about 45–50 staff over two years, with roughly one-third roles don fill. If regulators approve, Qivalis dey target to launch the euro-pegged stablecoin for H2 2026. Initial use cases go focus on crypto trading and payments, promise near-instant, low-cost settlement and better euro liquidity. The group don engage the ECB, wey signal support for European-led payment solution to boost strategic autonomy. The move na response to fast growth of dollar-backed stablecoins (like Tether) and scarcity of euro-denominated alternatives (SocGen’s SG-FORGE show limited circulation). Regulators still dey cautious about private stablecoins fit divert bank deposits and affect monetary policy. For traders: the token fit reduce settlement friction for EUR trading pairs and give regulated euro liquidity tool, but adoption likely go dey gradual and depend on licensing, regulatory trust and initial integration with trading venues.