A consortium of 10 European banks has established a company called Qivalis to launch a euro-pegged stablecoin, according to an announcement from the group. The initiative aims to provide an alternative to U.S. dollar-dominated digital payment systems.
The participating banks include BNP Paribas, ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank and Raiffeisen Bank International. BNP Paribas joined the consortium after the initial announcement, according to the group.
The token is expected to launch in the second half of 2026, pending regulatory approval and licensing, the consortium stated.
Jan-Oliver Sell, former CEO of Coinbase Germany, will serve as chief executive of Qivalis, with Howard Davies, former chair of NatWest, appointed as chair. The Amsterdam-based firm plans to hire 45 to 50 employees over the next two years, with one-third of positions already filled, according to the company.
The stablecoin will initially target crypto trading and payments, as regulators and the ECB weigh concerns over private stablecoins’ impact on banks and monetarypolicy.
