Qivalis and the Push for a Bank‑Backed Euro Stablecoin in Europe

Europe’s banking sector is moving to build its own regulated digital currency infrastructure. At the center of that effort is Qivalis, an Amsterdam‑based consortium of major European banks working together to issue a MiCA‑compliant euro stablecoin.

The initiative has grown rapidly since it was first announced. What began as a small alliance of large lenders has expanded into a broad pan‑European project aimed at bringing regulated euro liquidity onto blockchain networks.

What Qivalis Is

Qivalis is a joint venture formed by European banks to develop and issue a euro‑denominated stablecoin that complies with the European Union’s Markets in Crypto‑Assets Regulation (MiCA). The entity is based in the Netherlands and is seeking authorization from De Nederlandsche Bank (DNB) as an electronic money institution before launch.

The stablecoin will be fully backed 1:1 by euros, designed to function as a regulated digital representation of bank money that can be used for payments, settlements, and tokenized asset markets.

If approved, the consortium expects the token to launch in the second half of 2026.

How Big the Consortium Has Become

The project began with a core group of major European banks and quickly expanded.

• Early participants included BBVA, BNP Paribas, ING, UniCredit, CaixaBank, Banca Sella, Danske Bank, DekaBank, DZ BANK, KBC, Raiffeisen Bank International, and SEB.
• In May 2026, 25 additional banks joined, bringing the consortium to 37 institutions across 15 countries.

Reported new members include:

• ABN AMRO
• Rabobank
• Bank of Ireland
• AIB
• Banco Sabadell
• Bankinter
• Handelsbanken
• Nordea
• Intesa Sanpaolo
• Cecabank
• Abanca
• Kutxabank

Among others across the EU banking sector.

The expansion signals strong interest among European lenders in creating shared digital infrastructure rather than launching competing proprietary stablecoins.

Why European Banks Want a Euro Stablecoin

One of the main motivations behind Qivalis is the dominance of U.S. dollar‑denominated stablecoins in crypto markets.

Dollar tokens such as USDT and USDC account for the vast majority of global stablecoin supply, leaving the euro with relatively little presence in blockchain‑based finance.

European banks and policymakers increasingly see this as a strategic gap. A euro stablecoin backed by regulated financial institutions could:

• Provide a euro‑native settlement asset for digital markets
• Reduce dependence on dollar‑based tokens
• Ensure issuance and reserves remain within European regulatory frameworks
• Support the growth of tokenized securities and digital asset trading in Europe

By building the system collectively, the banks also avoid fragmentation that could occur if each institution launched its own token.

How the Qivalis Stablecoin Will Work

The planned token is designed with traditional banking safeguards combined with blockchain infrastructure.

Key features include:

1:1 euro backing
Each token will be fully backed by euros, aligning it with MiCA rules governing electronic money tokens and reserve transparency.

Regulated issuance
The issuer—Qivalis itself—plans to operate under supervision from the Dutch central bank once its electronic money institution license is approved.

Institutional use cases first
The initial focus is expected to be institutional activity such as:

• interbank settlement
• corporate treasury transfers
• digital asset trading
• tokenized asset settlement

Shared governance
Rather than a single private issuer controlling the system, participating banks collectively govern the project through the consortium structure.

Technology Infrastructure

The consortium selected Fireblocks as its primary infrastructure partner.

Fireblocks will provide:

• tokenization infrastructure
• digital asset custody
• wallet and security systems
• treasury management tools

These systems will support the issuance, distribution, and lifecycle management of the euro‑backed stablecoin.

What Happens Next

Before the stablecoin can launch, Qivalis must obtain regulatory approval in the Netherlands. The entity is applying for authorization as an electronic money institution under MiCA, which would allow it to issue a euro‑backed token across the European Union.

If approval is granted, the consortium aims for a commercial rollout in the second half of 2026.

The project could become one of the first large‑scale, bank‑backed euro stablecoins operating under the EU’s new crypto regulatory framework.

Why the Project Matters

Qivalis reflects a broader shift in global finance: traditional banks are increasingly building blockchain‑native infrastructure rather than leaving the field to crypto‑native companies.

If successful, the initiative could help establish regulated euro liquidity in digital markets, potentially reshaping how payments, trading, and settlement occur across Europe’s emerging digital asset ecosystem.