In a bold move to shake off the almighty dollar’s grip on digital payments, a consortium of 10 European banks has formed a company called Qivalis to launch a euro-pegged stablecoin. Because, you know, what the world really needs is another cryptocurrency.
- Major European banks, including BNP Paribas, ING, and UniCredit, have joined forces to create a euro-pegged stablecoin, because who needs the US dollar, anyway?
- The token is expected to launch in H2 2026, pending regulatory approval, with former Coinbase Germany CEO Jan-Oliver Sell at the helm and ex-NatWest chair Howard Davies as chair. Because who better to lead a cryptocurrency revolution than a couple of banking veterans?
- The stablecoin will initially target crypto trading and payments, as regulators and the ECB weigh concerns over private stablecoins’ impact on banks and monetary policy. In other words, they’re trying to have their cake and eat it, too.
The participating banks, including Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International, have apparently decided to put their differences aside and work together. After all, there’s no “I” in “team,” but there is a “banking license.”
The token is expected to launch in the second half of 2026, pending regulatory approval and licensing, because nothing says “revolutionary” like a good old-fashioned bureaucratic process.
Jan-Oliver Sell, former CEO of Coinbase Germany, will serve as chief executive of Qivalis, with Howard Davies, former chair of NatWest, appointed as chair. The Amsterdam-based firm plans to hire 45 to 50 employees over the next two years, with one-third of positions already filled. Because who doesn’t love a good hiring spree?
The stablecoin will initially focus on cryptocurrency trading, offering near-instant, low-cost payments and settlements, with plans to expand use cases later. Or, as they put it, “We’ll figure it out as we go along.”
The initiative comes as stablecoins have experienced rapid growth, particularly U.S. dollar-backed tokens such as Tether. Euro-pegged alternatives remain limited in the market, but who needs alternatives when you have the mighty euro?
Regulators, including the European Central Bank, have raised concerns that private stablecoins could divert funds from regulated banking institutions and affect monetary policy. Qivalis is seeking an Electronic Money Institution license from the Dutch central bank and has engaged with the ECB, which expressed support for a European-led solution to ensure strategic autonomy in payments. Or, in plain English, they’re trying to get in good with the regulators before they get too powerful.
A separate group of banks in Europe and the United States is also exploring stablecoin issuance, reflecting growing institutional interest in digital currencies. Because when it comes to innovation, you can count on the banks to be right behind the curve.
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2026-01-24 06:38