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Qivalis Plans a Bank-Backed Euro Stablecoin on Public Ethereum
Qivalis is planning a 1:1 euro backed, MiCA compliant electronic money token for public Ethereum, supported by 37 financial institutions in 15 countries. The consortium is aiming at institutional on chain payments, settlement and tokenized asset transactions—not simply another consumer crypto token.
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Key takeaways
- Qivalis is planning a 1:1 euro backed, MiCA compliant electronic money token for public Ethereum, supported by 37 financial institutions in 15 countries.
- The consortium is aiming at institutional on chain payments, settlement and tokenized asset transactions—not simply another consumer crypto token.
- Euro stablecoins reached about $848.1 million of supply on September 7, 2026, yet EURC and EURCV accounted for more than 82% of that market and dollar pegged tokens remain far larger.
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openai.comCreate a landscape editorial hero image for this Studio Global article: What is Qivalis, the Amsterdam-based consortium of 37 European banks from 15 countries, planning with its MiCA-compliant, euro-pegged stable. Article summary: Qivalis is an Amsterdam-domiciled venture formed to issue a fully reserved, 1:1 euro-pegged, MiCA-compliant e-money token. Its plan is to put that token on public Ethereum—not a closed bank network—to create shared euro . Topic tags: general, general web, user generated. Style: premium digital editorial illustration, source-backed research mood, clean composition, high detail, modern web publication hero. Use reference image context only for broad subject, composition, and topical grounding; do not copy the exact image. Avoid: logos, brand marks, copyrighted characters, real person likenesses, fake screenshots, UI text, readable text, watermarks, charts with fa
Qivalis is an Amsterdam-domiciled venture backed by a consortium of European banks. Its objective is to issue a regulated, euro-denominated electronic-money token backed 1:1 by euros and make it available on the public Ethereum blockchain. The project is intended as shared infrastructure for euro payments and settlement in on-chain financial markets—not a private network limited to consortium members. 6
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The crucial caveat: Qivalis has not launched
Qivalis is pursuing authorisation from De Nederlandsche Bank (DNB) as an Electronic Money Institution (EMI). It says it is not yet authorised and does not currently issue electronic money. Its target of launching in the second half of 2026 is therefore conditional on DNB approval, rather than a confirmed release date. 6
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The planned token is described as MiCA-compliant and 1:1 euro-backed. Under this approach, regulatory approval, supervision and the ability to redeem the token at par are central to the project’s proposition. 12
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From nine founding banks to 37 institutions
The initiative began in September 2025 with nine banks: Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB and UniCredit. 25
BNP Paribas joined in December 2025, followed by DZ BANK and BBVA; by February 2026, Qivalis listed 12 participating banks. 25
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In May 2026, Qivalis added 25 institutions, bringing the consortium to 37 financial institutions across 15 European countries. The additional group included ABANCA, ABN AMRO, AIB, Banco Sabadell, Bank of Ireland, Erste Group, Groupe BPCE, Intesa Sanpaolo, Nordea, Rabobank, Swedbank and others. 12
What Qivalis says the token is for
Qivalis presents the stablecoin as a settlement asset for institutional use cases where conventional payment workflows can be slow, fragmented or restricted by operating hours. Its proposed applications include:
- On-chain payments and corporate liquidity: always-available euro transfers and settlement for businesses.
- Trade and cross-border finance: direct euro settlement for trade-related flows, potentially reducing reliance on multi-bank correspondent chains.
- Programmable payment workflows: transactions that can be linked to predefined rules and automated processes.
- Tokenized-asset settlement: delivery-versus-payment transactions for tokenized securities and other digital assets, where transfer of the asset and payment can occur together.
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These are planned use cases, not operating services. Their practical value will depend on authorisation, technical implementation, adoption by wallets and market participants, and the availability of tokenized assets that can settle against the token.
Why choose public Ethereum instead of a bank-only chain?
Qivalis’s reported choice of public Ethereum is significant because it places the proposed euro token in an existing open blockchain environment rather than a permissioned consortium network. The intended advantage is interoperability with wallets, exchanges, decentralized-finance liquidity and tokenized-asset activity already built around Ethereum. 6
Ethereum is also the largest current venue for euro stablecoins. Reported data put its share at roughly 69.4% of euro-stablecoin supply as of September 2026; euro stablecoins were available across about 20 networks. 36
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That does not guarantee adoption for Qivalis. But it explains the strategic appeal of issuing where euro-denominated on-chain liquidity and supporting infrastructure are already concentrated.
The market Qivalis would enter
The euro stablecoin sector is growing but remains small relative to dollar-denominated tokens. Total euro stablecoin supply was reported at $848.1 million on September 7, 2026, up about $156 million, or 22.6%, from $691.7 million at the beginning of the year. 33
The market is also concentrated. Circle’s EURC held roughly 62.6% of euro stablecoin supply, while Société Générale–FORGE’s EURCV accounted for about 19.6%; together, the two tokens represented more than 82% of the sector in the cited data. 33
By comparison, dollar stablecoins dominate global supply. One May 2026 estimate placed USDT and USDC together at $265.9 billion of a $322.1 billion global stablecoin market, while the two leading euro tokens were only about $572 million combined. 39
Why MiCA is central to the strategy
Qivalis’s thesis is that Europe’s regulatory framework can be an advantage rather than merely a constraint. A common ruleset, a supervised issuer and defined reserve and redemption expectations could make a cross-border euro settlement asset more credible for regulated institutions than an uncoordinated collection of private networks.
The project’s larger ambition is therefore to create common European rails for on-chain payments, settlement and digital assets. Whether it succeeds starts with a more immediate test: securing DNB authorisation and turning a consortium plan into an issued, usable euro token. 6
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Qivalis is planning a 1:1 euro backed, MiCA compliant electronic money token for public Ethereum, supported by 37 financial institutions in 15 countries.
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Qivalis is planning a 1:1 euro backed, MiCA compliant electronic money token for public Ethereum, supported by 37 financial institutions in 15 countries. The consortium is aiming at institutional on chain payments, settlement and tokenized asset transactions—not simply another consumer crypto token.
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Euro stablecoins reached about $848.1 million of supply on September 7, 2026, yet EURC and EURCV accounted for more than 82% of that market and dollar pegged tokens remain far larger.