A consortium of ten major banks is preparing a stablecoin backed by the euro. Code name: Qivalis. This initiative wants to shake up the dominance of the dollar in the crypto universe. Scheduled for the end of 2026, the launch could reshape the balance of power in the digital payments sector.
In brief
- Ten major European banks are launching Qivalis, a euro stablecoin to compete with dollar-backed tokens.
- Qivalis aims for fast, EU-compliant crypto payments, thereby strengthening European monetary sovereignty.
A European stablecoin to counter the domination of the dollar
Qivalis was launched by a collective of banking giants including BNP Paribas, ING, UniCredit and Danske Bank. This project aims for a credible alternative to dollar stablecoins like Tether and USDC. These banks therefore wish to regain control of crypto transactions, by offering a digital asset better aligned with European regulation.
THE stablecoin will be indexed to the euro and will be based on a secure blockchain infrastructure. At its head, two figures from the sector: Jan-Oliver Sell, former director of Coinbase Germany, appointed CEO; and Howard Davies, former chairman of NatWest. The latter holds the position of president. Based in Amsterdam, the company aims to have 50 employees within two years.
This European stablecoin will primarily target crypto exchanges. Objective: to offer instant, inexpensive settlement without conversion to the dollar. This would therefore be a direct response to the rapid growth of digital assets indexed to USD, which still largely dominate the global crypto market.
A crypto strategy to strengthen European monetary sovereignty
Beyond the technical aspects, Qivalis is part of a logic of monetary sovereignty. In Europe, CBDCs are slow to come to fruition. Supported by the banking sector, this private stablecoin could therefore fill the void left by the ECB. According to sources close to the matter, the organization would also have welcomed the initiative.
Faced with the fragmentation of the sector and the dependence on American issuers, Qivalis offers a structured alternative. Her 100% euro positioning appeals to both crypto regulators and investors.
The founding team is seeking to license Electronic Money Institution from the Dutch central bank. This regulatory framework would strengthen the legitimacy of the crypto project. Enough to reassure future users.
In any case, the pan-European stablecoin Qivalis could well become the spearhead of a new balance in the crypto sphere. It remains to be seen whether the market will respond!
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