Qivalis, The Stablecoin of European Banks, Scheduled For Late 2026

A consortium of ten major banks is preparing a stablecoin backed by the euro. Codename: Qivalis. This initiative aims to shake up the dominance of the dollar in the crypto universe. Scheduled for late 2026, the launch could redraw the balance of power in the digital payments sector.

A European stablecoin to counter dollar dominance

Qivalis was launched by a collective of banking giants including BNP Paribas, ING, UniCredit, and Danske Bank. This project aims to provide a credible alternative to dollar stablecoins like Tether and USDC. These banks wish to regain control over crypto transactions by offering a digital asset better aligned with European regulation.

The stablecoin will be pegged to the euro and will rely on a secure blockchain infrastructure. Leading the project are two sector figures: Jan-Oliver Sell, former director of Coinbase Germany, appointed CEO; and Howard Davies, former chairman of NatWest. The latter holds the position of chairman. Based in Amsterdam, the company aims for 50 employees within two years.

This European stablecoin will primarily target crypto exchanges. Objective: to offer instant, low-cost settlement without conversion to the dollar. It would therefore be a direct response to the rapid growth of USD-indexed digital assets, which still dominate the global crypto market.

A crypto strategy to strengthen European monetary sovereignty

Beyond the technical aspects, Qivalis fits into a logic of monetary sovereignty. In Europe, CBDCs have been slow to materialize. Supported by the banking sector, this private stablecoin could therefore fill the gap left by the ECB. According to sources close to the matter, the institution would have welcomed the initiative positively.

Faced with sector fragmentation and dependence on US issuers, Qivalis offers a structured alternative. Its 100% euro positioning appeals both to crypto regulators and investors.

The founding team seeks to obtain an Electronic Money Institution license from the Dutch central bank. This regulatory framework would strengthen the legitimacy of the crypto project. Enough to reassure future users.

In any case, the pan-European stablecoin Qivalis could well become the spearhead of a new balance in the crypto sphere. We’ll see if the market responds!