"Consortium of 12 European banks pushes to launch euro stablecoin this year…in talks with exchanges"
Summary
- A consortium of 12 European banks, Qivalis, is reportedly preparing to launch a euro-pegged stablecoin in the second half of 2026.
- The stablecoin will be issued in partnership with entities compliant with regulatory frameworks such as MiCA, and is positioned as a regulated European alternative to dollar-based stablecoins.
- Reserves will be backed 1-to-1, with at least 40% held as bank deposits and the remainder diversified into high-credit short-term government bonds across the eurozone, while offering 24-hour redemption.
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A consortium involving major European banks is reportedly in talks with cryptocurrency exchanges and liquidity providers, targeting the launch of a euro-pegged stablecoin in the second half of 2026.
According to crypto-focused outlet Cointelegraph on the 2nd, the banking consortium “Qivalis,” which includes ING, UniCredit and BBVA, is preparing to issue a euro-based stablecoin. The consortium comprises a total of 12 European banks.
Qivalis is said to have recently been holding discussions with crypto exchanges, market makers and liquidity providers on distribution and circulation partnerships. Participating banks could also distribute the stablecoin through their own channels.
Qivalis was formed in September 2025 with nine banks including ING, UniCredit, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank and Banca Sella, and BBVA later joined.
Jan Sel, CEO of Qivalis, said the group is “reviewing cooperation opportunities with both European and global platforms.” He added the project aims to provide “a regulated European alternative to dollar-based stablecoins.”
The consortium is prioritizing partners that comply with regulatory frameworks, including the European Union’s Markets in Crypto-Assets Regulation (MiCA). Exchange Bit2Me, which obtained a MiCA license in Spain, is also reportedly included in the discussions.
On the financial structure, Floris Rucht, CFO of Qivalis, said, “The stablecoin reserves will be backed 1-to-1, and at least 40% will be held in the form of bank deposits.” The remainder will be allocated across highly rated short-term government bonds in multiple eurozone countries to avoid concentration in any single country.
The euro stablecoin also plans to support 24-hour, always-on redemption for token holders.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
