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Ten major European banks officially announce the launch of Qivalis, a new structure dedicated to the issuance of a stablecoin pegged to the euro.
This strategic project, made public on December 3, 2025, should lead to a planned launch in the second half of 2026. To date, this is the most ambitious initiative ever taken by European institutions to offer a credible alternative to the dominance of dollar stablecoins on the crypto and tokenized markets.
Qivalis brings together leading banking players, including ING, UniCredit, BNP Paribas, CaixaBank, SEB and Raiffeisen Bank International. The structure is based in Amsterdam, where it must apply for an electronic money establishment license from the Dutch Central Bank. Obtaining this authorization, which is essential to operate within the MiCA regulatory framework, should require between six and nine months, and will condition the official launch of the stablecoin in the second half of 2026.
The governance of Qivalis illustrates the desire to build a stablecoin that meets the most demanding European standards.
The position of managing director is given to Jan-Oliver Sell, former head of Coinbase Germany, bringing a solid knowledge of the crypto markets.
The supervisory board will be chaired by Sir Howard Davies, former president of NatWest, while the financial management will be chaired by an ING executive.
This composition reflects the desire to establish a coherent bridge between traditional finance, the Web3 industry and European regulatory requirements. It also consolidates the credibility of a project that aims to establish itself as a future standard in digital payments in euros.
Qivalis' ambition goes beyond the simple framework of crypto transactions. The stablecoin is positioned as a tool to facilitate exchanges in the European digital economy, in particular in three key areas.
The first concerns cross-border payments, which are still often hampered by delays and high costs. Thanks to an almost instant and continuously available settlement, Qivalis could simplify these transactions for businesses and financial institutions.
The second part concerns cash management for businesses, which could use stablecoins to optimize their financial flows in a tokenized environment connected to new payment infrastructures.
The third field of application targets tokenized asset markets, a fast-growing sector where transactions require a stable, transparent and compliant means of settlement. The model proposed by Qivalis, based on reserves made up entirely of cash and highly liquid assets, ensures that one euro in circulation always corresponds to one euro in reserve.
This project must be placed in a global landscape where dollar stablecoins, such as USDT or USDC, largely dominate digital flows. Today, over 95% of crypto transactions rely on tokens pegged to the dollar. This situation creates a structural dependency that weakens European monetary sovereignty in the digital economy.
With Qivalis, banks aim to offer a credible, regulated and specifically adapted alternative to the European market. They rely on the solidity of the MiCA regulatory framework and on their reputation for risk management to convince companies, exchange platforms and financial institutions.
The Qivalis initiative is part of a schedule where the European Central Bank is preparing its own Digital Euro, expected around 2029. The two projects are not designed as direct competitors. The Qivalis stablecoin meets uses closer to the private market, in particular with regard to tokenized finance and international payments. The digital euro, on the other hand, will be aimed more at retail use supervised by monetary authorities.
However, the coexistence of several forms of digital money could generate some confusion among the general public. The success of Qivalis will therefore also depend on its ability to clarify its added value, its mode of operation and its complementary role within the European monetary ecosystem.
For banks, Qivalis represents a way to maintain their influence in a financial environment that is increasingly dominated by non-European players. The project could make it possible to maintain within Europe a significant portion of euro transactions currently captured by stablecoins backed by the dollar.
For regulators, the initiative raises opportunities, especially in terms of economic sovereignty and the reduction of monetary dependence. However, it requires increased vigilance, in particular on financial stability and the impact of a banking stablecoin in times of economic tension.
For the Web3 ecosystem, Qivalis could offer a new regulated and reliable euro payment infrastructure, capable of rebalancing a market that is now largely centered on the digital dollar.
The launch of Qivalis marks a new stage in the digital transformation of European finance. By combining banking rigor, regulatory compliance, and the flexibility of Web3 infrastructures, this project could become a key player in tokenized payments and markets. Its success will depend on its ability to gain the trust of businesses, investors and citizens, while establishing itself as a solid alternative to stablecoins dominated by the dollar.
