European bank consortium targets 2026 launch for euro-backed stablecoin: report
A consortium of 12 major European banks, named Qivalis, plans to launch a euro-backed stablecoin in the second half of 2026.Summary
A coalition of 12 major European banks, including CaixaBank, BNP Paribas, ING, UniCredit, and BBVA, is advancing plans for a euro-denominated stablecoin called Qivalis, targeting a commercial launch in the second half of 2026. The token will be pegged 1:1 to the euro, with reserves held in bank deposits (at least 40%) and short-term eurozone sovereign bonds, ensuring 24/7 redemption. CEO Jan Sell stated the goal is to offer a regulated, domestic alternative to U.S. dollar-backed stablecoins within the EU, suitable for global cross-border payments. Qivalis is actively engaging with crypto exchanges and liquidity providers for distribution, prioritizing partners compliant with the EU's MiCA regulation. This move comes as euro-backed stablecoins represent a small fraction of the market, which is currently dominated by USD-pegged tokens, and amid broader institutional interest in stablecoin technology.
(Source：The Block)