European Banks Unite in Qivalis to Launch Regulated Euro Stablecoin in Late 2026

Qivalis, an Amsterdam-based joint venture, will issue a euro-pegged token in the second half of 2026. The token will be fully collateralised 1:1 by euros and high-quality liquid assets held with regulated custodians, and will operate under the EU’s MiCA rules once the consortium obtains an e-money licence from De Nederlandsche Bank.

37 European Banks Unite to Launch Regulated Euro Stablecoin by 2026

The global stablecoin market exceeds $301 billion, with USDT at $190 billion and USDC at $77 billion—together about 98 % of total volume. Dollar-linked tokens dominate cross-border payments, prompting European regulators to adopt MiCA and banks to create a compliant euro alternative.

37 European Banks Unite to Launch Regulated Euro Stablecoin by 2026

Qivalis now includes 37 banks from 15 countries, among them ABN Amro, Intesa Sanpaolo, Rabobank, Nordea, Raiffeisen Bank International, BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, DekaBank, KBC, SEB and Banca Sella. Spain added Banco Sabadell, Bankinter and Kutxabank in the latest round. The venture uses Fireblocks for tokenisation, wallet and custody services.

37 European Banks Unite to Launch Regulated Euro Stablecoin by 2026

The consortium describes the project as a step toward building Europe’s digital financial rails. CEO Jan-Oliver Sell stresses that the euro must underpin digital finance created by European institutions. Chairman Howard Davies says the initiative embeds European data-protection, financial-stability and regulatory-rigour standards. ECB President Christine Lagarde expressed scepticism, arguing that stablecoins are not the best means to boost the euro’s international role.

37 European Banks Unite to Launch Regulated Euro Stablecoin by 2026

European supervisors note that large stablecoins could affect deposits, monetary transmission and overall financial stability, urging close monitoring of liquidity and redemption processes.

European banks double down on euro stablecoin as Qivalis expands to 37 members

The full list of the 37 members has not been disclosed, and the launch timeline depends on the pending Dutch licence. No public data yet detail expected liquidity or exchange listings.

European banks double down on euro stablecoin as Qivalis expands to 37 members

• “We are not just building a euro stablecoin — we are laying Europe’s financial rails for the future.” — Qivalis (consortium)

37 European Banks Unite to Launch Regulated Euro Stablecoin by 2026

• “We are ensuring that European principles on data protection, financial stability, and regulatory rigour are embedded in the next generation of digital money,” — Howard Davies, Chairman, Qivalis

37 European Banks Unite to Launch Regulated Euro Stablecoin by 2026

• “ECB President Christine Lagarde expressed scepticism in early May, stating that stablecoins were not the best way to strengthen the euro’s international role.” — Christine Lagarde, ECB President

37 European Banks Unite to Launch Regulated Euro Stablecoin by 2026

• “The goal is straightforward: issue a euro-pegged stablecoin in the second half of 2026, subject to regulatory approval, under the EU's MiCAR framework.” — Qivalis statement

European banks double down on euro stablecoin as Qivalis expands to 37 members

Qivalis awaits the Dutch e-money licence before issuing the token and is already negotiating with exchanges, market makers and liquidity providers. Successful liquidity provision and API access for fintechs will determine whether the euro stablecoin becomes a mainstream payment layer or remains niche.

European banks double down on euro stablecoin as Qivalis expands to 37 members37 European Banks Unite to Launch Regulated Euro Stablecoin by 2026