European banks join forces to launch a euro-pegged stablecoin
Date: 2025-12-05 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
A group of ten major European banks has joined forces to create a euro-denominated stablecoin, aiming to strengthen the euro's position in the digital asset market. Previously, in September 2025, the consortium included Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. BNP Paribas recently joined the project, increasing its financial support.
To manage the project, the participants created a new company, Qivalis, registered in the Netherlands, which has already applied for an EMI license to operate as a money transfer service. Jan-Oliver Sell, who previously held senior positions at Coinbase and Binance, will lead the company. Howard Davies, former CEO of NatWest, has been appointed Chairman of the Board of Directors. Qivalis is headquartered in Amsterdam, and plans to expand its team to 50 employees over the next two years.
The new stablecoin will be fully compliant with the MiCAR regulation and ensure the stability of euro transactions. According to Sella, the launch of assets backed by European banks will be a significant step for digital commerce in the region, providing companies and individuals with the ability to conduct cross-border payments without dependence on the US dollar. The stablecoin creates a platform for secure digital asset transactions and opens new opportunities for European SMEs and fintech companies.
The asset is expected to enter the market in the second half of 2026. According to CoinMarketCap, the total market size of euro-pegged stablecoins is approximately $605.2 million, with Circle's EURC leading the way. By comparison, the market capitalization of dollar-denominated stablecoins significantly exceeds $315 billion.
The Qivalis initiative demonstrates European banks' commitment to creating an alternative to dollar-denominated stablecoins and strengthening the euro's role in the global digital financial space. The new project could become a catalyst for the further development of the European financial sector and encourage the integration of digital currencies into everyday payment processes.
The stablecoin's launch is supported by a consortium of leading banks, ensuring the asset's credibility and stability and opening up prospects for further expansion of the euro-denominated digital asset market.
