A powerful consortium of 12 leading European banks has formed Qivalis, a Netherlands-based entity, to issue a MiCA-compliant euro-pegged stablecoin slated for launch in the second half of 2026. The initiative aims to deliver a regulated, programmable, and efficient digital euro alternative to U.S. dollar–dominated stablecoins, reinforcing Europe’s strategic autonomy in digital payments.
Consortium Formation and Membership Expansion
Initially announced in September 2025, the consortium comprised nine major banks: ING (Netherlands), UniCredit (Italy), CaixaBank (Spain), Danske Bank (Denmark), Banca Sella (Italy), KBC (Belgium), DekaBank (Germany), SEB (Sweden), and Raiffeisen Bank International (Austria) .
By December 2025, BNP Paribas joined, bringing the total to ten . In early February 2026, BBVA became the twelfth member, expanding the consortium’s reach and reinforcing its pan-European presence .
Organizational Structure and Leadership
Qivalis is headquartered in Amsterdam, operating under the EU’s Markets in Crypto-Assets (MiCA) framework. It is pursuing an Electronic Money Institution (EMI) license from the Dutch Central Bank (DNB) .
Leadership appointments include:
– Jan‑Oliver Sell, former head of Coinbase Germany, serving as CEO .
– Floris Lugt, ex-Lead Digital Assets at ING, as CFO .
– Sir Howard Davies, former Chair of the UK’s Financial Services Authority and NatWest, as Chair of the Supervisory Board .
Regulatory Compliance and Technical Framework
The stablecoin will be fully backed 1:1 by euros, with at least 40% of reserves held in bank deposits and the remainder in short-term, high-quality eurozone sovereign bonds, ensuring diversification and risk mitigation .
Qivalis is committed to 24/7 redemption and programmable payment features, enabling use cases such as cross-border business payments, supply-chain automation, and tokenized asset settlement .
Strategic Objectives and Market Positioning
The consortium aims to offer a European-regulated alternative to U.S. dollar–denominated stablecoins, which currently dominate the market . By pooling resources and distribution networks, Qivalis seeks to avoid market fragmentation and establish a unified digital euro infrastructure .
The stablecoin is designed to support instant, low-cost cross-border payments, on-chain settlements, and programmable transactions, positioning it as a key infrastructure for digital finance in Europe .
Distribution Strategy and Market Integration
As of March 2, 2026, Qivalis is in advanced negotiations with crypto exchanges, market makers, and liquidity providers to ensure seamless distribution from launch day. Among the platforms in talks is Bit2Me, a MiCA-licensed exchange in Spain .
Timeline and Outlook
- September 2025: Consortium of nine banks announced .
- December 2025: BNP Paribas joins, raising membership to ten .
- February 2026: BBVA joins as the twelfth member .
- March 2026: Distribution partnerships underway .
- H2 2026: Targeted commercial launch, pending regulatory approval .
Summary
Qivalis represents a landmark collaboration among European banks to create a regulated, euro-backed stablecoin under MiCA. With strong leadership, diversified reserve backing, and a clear distribution strategy, the consortium is poised to deliver a trusted, programmable digital euro by the second half of 2026. This initiative not only addresses the dominance of U.S. stablecoins but also reinforces Europe’s digital sovereignty in financial infrastructure.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stablecoin initiatives carry regulatory and operational risks. Always conduct your own research and consult qualified professionals before making financial decisions.