- A consortium of major European banks is in advanced talks with crypto trading platforms to distribute its forthcoming euro stablecoin.
- Qivalis, which includes members like ING and BBVA, aims for a second-half 2026 launch as a regulated alternative to dollar-pegged tokens.
- The stablecoin will be fully backed 1:1 by a mix of bank deposits and short-term euro-area bonds, supporting 24/7 redemptions.
A consortium of major European banks called Qivalis is in advanced discussions with cryptocurrency exchanges and liquidity providers to distribute its planned euro-pegged stablecoin, according to a report from the Spanish newspaper Cinco Días. The consortium, targeting a second-half 2026 launch, aims to provide a stable digital currency for cross-border payments.
The group’s shareholders now include banks like ING, UniCredit, and BBVA, which joined in February. Consequently, Qivalis seeks both European and international partners that comply with EU regulations, such as the Markets in Crypto-Assets framework. Jan Sell, CEO of Qivalis, stated the goal is to offer a “regulated, domestic alternative to US dollar-denominated stablecoins.”
He emphasized that real-time cross-border payments are essential core use cases for the project. Meanwhile, the consortium is reportedly in talks with platforms like Spain’s Bit2Me, which holds a MiCA license.
Qivalis CFO Floris Lugt detailed that the stablecoin’s reserves will be backed 1:1, with at least 40% held in bank deposits. The remaining portion will be in short-term, high-quality euro-area sovereign bonds to mitigate concentration risk. Furthermore, the euro stablecoin will support 24-hour, seven-day-a-week redemption for token holders.
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