Formation of Qivalis
A coalition comprising ten prominent banks across Europe has announced the formation of Qivalis, a new entity aimed at developing a stablecoin pegged to the euro. This move is seen as a countermeasure to the dominance of digital payment systems that are primarily backed by the U.S. dollar.
Key Participants and Leadership
Among the banks joining this initiative are industry giants such as BNP Paribas, ING, UniCredit, and Raiffeisen Bank International, with BNP Paribas officially joining the consortium after its inception.
Scheduled for release in the latter half of 2026, the stablecoin’s launch hinges on obtaining the necessary regulatory approvals and licensing. Jan-Oliver Sell, who previously led Coinbase in Germany, will take charge as Qivalis’ CEO, while Howard Davies, former chair of NatWest, will act as the chairman of the firm. Based in Amsterdam, Qivalis plans to expand its workforce to about 45 to 50 employees over the next two years, with a third of those positions already occupied.
Initial Focus and Future Aspirations
Initially, the stablecoin will cater to cryptocurrency trading, facilitating rapid and affordable payment and settlement options for users. There are aspirations for broader applications in the future. This endeavor comes amidst an increased interest in stablecoins, particularly those tied to the U.S. dollar, like Tether, while euro-based alternatives remain scarce—currently exemplified by Societe Generale’s SG-FORGE, which has around 64 million euros in circulation.
Regulatory Concerns and Institutional Focus
Concerns have been raised by regulators, including the European Central Bank (ECB), regarding the potential impact of private stablecoins on the banking sector and monetary policy. In response, Qivalis is pursuing an Electronic Money Institution license from the Dutch central bank and has been in discussions with the ECB, which supports the creation of a European-led initiative to enhance independence in payment systems.
This development aligns with trends across the Atlantic as other banking institutions in Europe and the U.S. are similarly investigating opportunities to introduce stablecoins, highlighting a growing institutional focus on digital currency innovations.
