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- European banks remain committed to launching a regulated euro stablecoin.
- Distribution partnerships now stand at the center of the strategy.
- Euro stablecoins aim to reduce reliance on dollar-based digital assets.
According to the report, Major European banks continue to advance their stablecoin ambitions. Six months after publicly confirming their plans, momentum has not slowed. The consortium they created, Qivalis, now works toward a commercial launch of its euro-pegged stablecoin in the second half of 2026.
The focus is not just on technology. Distribution is the new key focus area. The group is looking at advanced talks with crypto exchanges, market makers, and liquidity providers. The shareholder banks will also distribute the asset via their channels. This is a dual strategy to achieve immediate market presence from day one.
Qivalis’ stablecoin is positioned as an alternative for digital money linked to the dollar within Europe. Jan Sell, the chief executive of the consortium, has emphasized the need for a regulated and domestic solution within the European Union. This is in line with current financial policy trends. The regulation under MiCA provides the project with a legal regime that many global stablecoins lack.
Qivalis Targets Global Business Payments
While the focus is still on Europe, the scope is certainly global. Cross-border business payments and global trade form the heart of the use case. For these purposes, global exchanges are as relevant as regional exchanges. Qivalis is reviewing compliant exchanges. Most stayed quiet, but Spain’s Bit2Me confirmed talks with a consortium bank, showing early interest.
The 12-bank consortium includes BNP Paribas, ING, UniCredit, and BBVA, which paused its own stablecoin plans. The bank, as well as others, is of the view that there is fragmentation and lack of scalability. Large banks prefer to share resources. A euro stablecoin has more scope and better interoperability.
Euro Stablecoins Gain Strategic Interest From Banks
This structure will also cut out any duplicated costs or complexities. In a market dominated by 99 percent US dollar-pegged stablecoins, euro-based assets are a niche, and banks are aware of this niche and believe it to be a strategic opportunity.
Qivalis has a robust reserve strategy in place, whereby the stablecoin will hold assets on a one-to-one basis, with at least 40 percent being held in bank deposits, and the remaining amount held in high-quality bonds, specifically short-term debt of several eurozone countries.
This project is part of Europe’s wider payments strategy, including the European Central Bank digital euro initiative. Other players also aim to build a pan-European system to rival Visa and Mastercard.
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