Michaela
A coalition of 10 European banks has established the Amsterdam-based entity Qivalis, aiming to launch a euro-pegged stablecoin in 2026 that complies with the EU’s Markets in Crypto-Assets (MiCA) framework, pending regulatory approval.
Key Points
- A coalition of 10 European banks formed Qivalis to launch a euro-pegged stablecoin by late 2026, pending regulatory approval. This initiative aims for MiCA compliance.
- This euro-denominated stablecoin offers monetary autonomy for Europe, enabling efficient cross-border payments, programmable transactions, and enhanced digital asset settlements for businesses and consumers.
- The launch comes amidst increasing global regulatory focus on stablecoins, following the US GENIUS Act and Tether's exit from the EUR stablecoin market due to MiCA challenges.
According to an official statement, 10 leading European banks — Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, UniCredit, and BNP Paribas — are seeking regulatory approval from the Dutch Central Bank to launch a euro-backed stablecoin, targeting the second half of 2026.
“The launch of a euro-denominated stablecoin, backed by a consortium of European Banks, represents a watershed moment for European digital commerce and financial innovation. A native Euro stablecoin isn’t just about convenience – it’s about monetary autonomy in the digital age,” Jan-Oliver Sell, CEO of Qivalis, stated.
Oliver noted that introducing a euro-pegged stablecoin would create fresh opportunities for European businesses and consumers to engage with on-chain payments and digital asset markets in their native currency. The move aims to allow fintech firms, SMEs, and individuals across Europe and beyond to transact smoothly across borders while preserving the stability and reliability linked to the euro.
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Additionally, the euro-pegged stablecoin is expected to facilitate round-the-clock access to efficient cross-border transactions, programmable payments, and enhanced digital asset settlements, including tokenized assets and cryptocurrencies. It aims to offer near-instant, low-cost payments while improving processes across supply chains and financial transactions.
The move to launch a euro-pegged stablecoin comes at a notable moment, as U.S. regulators are preparing to implement a legal framework for payment stablecoins under the GENIUS Act, signed into law by President Donald Trump in July.
The timing emphasizes the growing global focus on regulatory clarity for digital currencies. Meanwhile, stablecoin issuer Tether recently exited the euro stablecoin market, halting redemptions for its EURt token on November 25.
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The decision follows Tether’s announcement last year to discontinue support for EURt, citing potential risks under the European Union’s MiCA regulations. CEO Paolo Ardoino noted that these regulatory changes posed challenges for the continued operation of euro-backed stablecoins.
This landscape spotlights both the opportunities and regulatory hurdles facing banks and companies aiming to issue digital euros, as governments and financial authorities worldwide move to shape the future of stablecoins.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
