Introduction of Qivalis
In a significant move to enhance Europe’s financial independence from the U.S. dollar, a coalition of ten European banks has come together to introduce Qivalis, a new stablecoin pegged to the euro. The initiative, spearheaded by Jan-Oliver Sell, the former CEO of Coinbase Germany, aims to provide a viable alternative to existing dollar-dominant digital currencies, with the target launch scheduled for the latter half of 2026, subject to regulatory approvals.
Participating Banks
The banks forming this consortium include prominent names such as BNP Paribas, ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International. It was noted that BNP Paribas joined after the initial announcement, illustrating the growing interest among financial institutions.
Target Market and Expansion Plans
Qivalis will initially target the cryptocurrency trading sector by facilitating swift and cost-effective transactions and settlements. The company plans to broaden its initiatives beyond this focus as the project develops. Based in Amsterdam, Qivalis intends to expand its workforce significantly, with plans to hire between 45 to 50 staff members, a third of which positions are already filled.
Market Context and Regulatory Concerns
The emergence of Qivalis aligns with a notable increase in stablecoins, particularly those tied to the U.S. dollar, such as Tether. Even as these tokens gain traction, euro-pegged stablecoins remain relatively scarce in the marketplace, with Societe Generale’s SG-FORGE being one of the few exceptions, currently circulating 64 million euros.
Concerns over private stablecoins impacting monetary policy and diverting funds from traditional banks have been articulated by regulators, including the European Central Bank (ECB). In response, Qivalis is pursuing an Electronic Money Institution license from the Dutch central bank and has engaged in discussions with the ECB, which has signaled its support for initiatives that seek European autonomy in payment systems.
Conclusion
Notably, there are ongoing efforts by another consortium of banks from Europe and the United States to explore the issuance of stablecoins, demonstrating a robust institutional interest in the evolution of digital currencies.
