10 major European banks launch euro stablecoin joint venture 'Qivalis'

Ten major European banks, including UniCredit, ING and BNP Paribas, have launched a joint venture for issuing a euro-based stablecoin, 'Qivalis'. Qivalis has applied to the Dutch central bank for an Electronic Money Institution (EMI) license, aiming to issue in the second half of 2026.

On the 2nd (local time), according to crypto asset (cryptocurrency) specialist media UBlockchain, Qivalis launched as a bank consortium to issue a euro stablecoin, and the participating banks stated their goal is to reduce dependence on US dollar-based stablecoins in the digital payments market and to build a Europe-led payments infrastructure.

The euro stablecoin that Qivalis is pursuing focuses on streamlining payments and settlements by using fiat-linked tokens. The consortium envisages strengthening payment sovereignty within Europe by providing a euro-based alternative as stablecoins become increasingly used for cross-border payments, intercompany payments, and digital commerce.

Regulatory approval is cited as a key procedure. Qivalis has applied to the Dutch central bank for an EMI license, and the issuance and scope of services are expected to be determined depending on whether approval is granted. An EMI license generally corresponds to a regulatory framework for issuing electronic money and providing payment services.

The market is paying attention to the fact that European banks have joined as joint issuers. Unlike stablecoins issued by a single company, the form involving multiple banks is evaluated as being able to emphasize stability in terms of reserve management and regulatory compliance. However, detailed designs such as the actual issuance structure, composition of reserve assets, redemption methods, and distribution channels are expected to be disclosed later.