Ten European Banks Unite to Develop Euro Stablecoin

Ten major European banks have established a new company, Qivalis, to develop a shared, regulated euro stablecoin for the continent.

The Amsterdam-based entity has been formed by a consortium that includes CaixaBank, Banca Sella, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB and UniCredit, with BNP Paribas joining as the newest member.

Qivalis has been created to develop and issue a euro-denominated stablecoin that meets the EU’s new MiCAR regulatory standards and operates under the supervision of the Dutch Central Bank.

Unlike previous individual bank experiments with blockchain and tokenized assets, this initiative pools resources to build a common market standard rather than a series of competing, closed systems.

The consortium has signaled that its goal is to create a digital payment instrument that can be used widely across financial institutions, corporates, and digital asset platforms.

A leadership team has been appointed to steer the company from regulatory approval through to commercial launch. Jan-Oliver Sell has been named CEO, bringing experience from Coinbase Germany, where he played a key role in securing the country’s first crypto custody, as well as senior roles at Binance and within London’s asset management sector.

Qivalis plans to issue its euro stablecoin in the second half of 2026, aiming to offer near-instant, low-cost cross-border payments, programmable payment features, and more efficient settlement of tokenized and digital assets.

The consortium says the project is designed to provide a trusted European alternative in a market dominated by dollar-based stablecoins, and remains open to additional banks joining as work progresses on regulatory engagement and technical development.