Qivalis, a bank-backed euro stablecoin venture, has now secured support from 37 European banks as it pushes toward a 2026 launch. The project aims to offer a MiCA‑compliant, euro‑pegged stablecoin that provides Europe with an institutional alternative to today’s dollar‑dominated stablecoin market.
European banks, including ING, UniCredit, CaixaBank, and BNP Paribas, first announced Qivalis in late 2025 as a consortium led by these banks. They formed the company in Amsterdam and applied for an electronic money institution license with the Dutch central bank so the token could function as a regulated euro e-money token under MiCA. Since then, more institutions have joined up, and industry updates now indicate 37 European banks support the endeavor, making it one of the largest coordinated
After licensing and technical development, Qivalis will debut its stablecoin, tethered to the euro, in the second half of 2026. Developers designed the coin for near‑instant, low‑cost payments and on‑chain settlement between banks and their clients, starting with wholesale use cases and later expanding to larger payment flows. The firm says it aims to handle both ordinary euro payments and settlement of tokenized financial assets on public and permissioned blockchains
What Qivalis Wants to Solve
Today, more than 95 to 99 percent of stablecoin market value is tied to the U.S. dollar, while euro stablecoins still hold a tiny share of global supply. European policymakers and banks worry that this imbalance could leave the region dependent on non‑European issuers for on‑chain money and cross‑border payments. Qivalis pitches its euro stablecoin as a way to regain “strategic autonomy” in payments by giving banks a shared, regulated on-chain euro they can integrate into their services.
MiCA rules require Qivalis to back the token 1:1 with reserves held in accordance with European banking standards, and regulators apply strict solvency and customer‑protection requirements. This structure aims to make the coin safer than unregulated euro tokens and more predictable than dollar stablecoins issued by non‑EU firms.
Qivalis says banks will be able to use the stablecoin for instant interbank settlement, corporate treasury flows, and as a building block for new DeFi-style products that remain within a regulated perimeter.
READ MORE: Forget Robinhood Stock: This Rival Just Made Its Founder the 15th Richest American
