NextFin News - On December 2, 2025, a consortium of ten prominent European banks announced the establishment of Qivalis, a new Amsterdam-based company tasked with launching the first euro-backed stablecoin. The founding banks include ING, UniCredit, BNP Paribas, CaixaBank, Banca Sella, KBC, DekaBank, Danske Bank, SEB, and Raiffeisen Bank International.
Jan-Oliver Sell, former head of Coinbase Germany, has been appointed CEO of Qivalis, with Floris Lugt of ING serving as CFO and former NatWest chairman Howard Davies as Board Chair. The consortium revealed plans to seek an Electronic Money Institution (EMI) license from the Dutch Central Bank, expecting regulatory approval within six to nine months. They target a stablecoin launch in the early second half of 2026.
The stablecoin will maintain a 1:1 parity with the euro through backing by cash deposits and high-quality, liquid sovereign assets. Unlike the European Central Bank’s ongoing digital euro project, Qivalis intends its stablecoin to operate fully on blockchain technology, enabling on-chain payments, tokenized asset settlement, and participation in decentralized finance (DeFi) ecosystems.
According to the consortium, this initiative responds to the overwhelming dominance of US dollar-pegged stablecoins like Tether, which have surged to a market capitalization exceeding $185 billion. By introducing a euro-denominated stablecoin, Qivalis aims to strengthen Europe's role in the digital currency space and provide a trusted, interoperable payment alternative in key sectors such as cross-border commerce and tourism.
Qivalis represents a convergence of traditional banking institutions with cutting-edge digital finance innovation. By collaborating, these European banks seek to set a new neutral interoperability standard across payment networks, potentially lowering costs and settlement times for international transactions. The inclusion of large banks from multiple jurisdictions indicates broad support and shared strategic ambition to compete with US counterparts in the stablecoin arena.
The timing aligns with growing regulatory clarity globally, with US President Donald Trump recently signing legislation to regulate stablecoins, spurring increased institutional activity stateside. In contrast, the EU's crypto regulations have been regarded as robust but cautious. Qivalis’s approach of applying for an EMI license exemplifies a regulatory-compliant pathway designed to build trust among users and regulators alike.
In the medium to long term, successful deployment of the Qivalis stablecoin could accelerate adoption of blockchain-based financial services among European institutions, businesses, and consumers. It may help reduce friction in cross-border payments and unlock efficiencies in tokenized securities settlements. Additionally, as decentralised finance matures, having a trusted euro-backed digital asset could catalyze innovative financial products tailored to EU markets.
Strategically, Qivalis could also act as a hedge against US dollar digital currency dominance, fostering monetary sovereignty and reinforcing the euro’s international role. The collaboration model, inviting other banks to join, suggests potential expansion of influence and capitalization on network effects, increasing widespread usage and acceptance.
Nonetheless, challenges remain, including navigating evolving regulatory landscapes, safeguarding against operational and cybersecurity risks, and achieving critical mass adoption to ensure liquidity and utility. Market competition from central bank digital currencies and private stablecoins will also intensify.
Overall, Qivalis marks a pivotal step in Europe’s digital currency evolution, merging traditional finance strength with blockchain innovation to redefine payments and digital asset infrastructure. If executed effectively, it could shift global stablecoin dynamics and reinforce the global stature of the euro in an increasingly digitized economy.
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