Twelve European banks to launch euro stablecoin Qivalis

Twelve major European banks plan to launch Qivalis, a euro-pegged, fully backed stablecoin in late 2026, aiming to rival US dollar stablecoins and boost EU digital finance.

A consortium of twelve leading European banks, operating under the name Qivalis, is preparing to launch a euro-pegged stablecoin in the second half of 2026. Members include ING, UniCredit, BBVA, CaixaBank, BNP Paribas, and others, aiming to offer a regulated, MiCA-compliant alternative to US dollar stablecoins. The Qivalis stablecoin will be fully backed 1:1, with at least 40% of reserves held in bank deposits and the remainder in eurozone sovereign debt. The group is in advanced talks with crypto exchanges, market makers, and liquidity providers to ensure the token is available on regulated trading platforms from day one, targeting broad access and liquidity. First announced in September 2025, with BBVA joining as the twelfth member in February 2026, the initiative seeks to support real-time cross-border payments and global trade. Qivalis leverages both traditional banking and innovative crypto infrastructure, marking a significant step toward strengthening the EU’s digital finance autonomy.