- The Launch: Ten major European banks, including ING and BNP Paribas, formed “Qivalis” to launch a regulated Euro stablecoin in 2026.
- The Mission: The consortium aims to reclaim “monetary autonomy,” countering the US dollar’s near-total dominance of the $185B stablecoin sector.
- The Rivalry: BNP Paribas is playing both sides, joining Qivalis while simultaneously exploring a G7 stablecoin with US giants like Bank of America.
Ten of Europe’s largest banks have created a new company called Qivalis, aiming to launch a fully regulated euro-backed stablecoin in the second half of 2026. Qivalis has already begun the process of applying for an Electronic Money Institution (EMI) licence from the Dutch central bank, a requirement for issuing regulated digital euros on-chain.
The consortium includes Banca Sella, BNP Paribas, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB and UniCredit.
Related: Fed Ends QT As SEC Hands Crypto An Innovation Exemption Starting January 2026
Leadership: Coinbase Executive Takes Charge
At the centre of the project is Jan-Oliver Sell, the former Coinbase Germany executive, who has been appointed CEO of Qivalis. Supporting him is Floris Lugt, ING’s digital-assets lead, who will serve as CFO.
The board will be chaired by Howard Davies, the former head of the UK Financial Conduct Authority and former NatWest chair.
“This is our mission: To provide a state-of-the-art, fully regulated, 1:1-backed euro stablecoin as a cornerstone of the future digital asset infrastructure, enabling innovation across payments, settlement, and digital assets,” Jan-Oliver Sell said.
A Strategic Move Against Dollar Dominance
The stablecoin market today is overwhelmingly controlled by the U.S. dollar, making up around 99% of all stablecoin value. The euro barely appears, with less than 1% share.
European regulators and banks see this as a growing threat. The fear is simple: if the world continues to rely on dollar-based stablecoins, European deposits, payments and financial activity could increasingly move into U.S.-controlled digital infrastructure.
Qivalis is Europe’s answer to this problem. By launching a euro stablecoin backed and governed by European institutions, the region aims to secure its monetary influence in the digital era.
What This Means for Europe
If launched successfully, Qivalis could become Europe’s first widely used, institution-backed euro stablecoin.
Experts expect the global stablecoin market to surpass $2 trillion by 2030, driven by cross-border payments, fintech adoption and on-chain settlement. Another set of ten big banks, such as Bank of America, Deutsche Bank, Goldman Sachs, and UBS, is also looking into creating a shared stablecoin. BNP Paribas is involved in both groups.
Related: FDIC Sets December Deadline for Federal Stablecoin Licensing; Capital Rules to Follow in 2026
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Source: https://coinedition.com/europes-10-largest-banks-form-qivalis-to-break-us-dollars-99-grip-on-stablecoin-market/
