Ten European banks, led by BNP Paribas, are collaborating to launch a euro-pegged stablecoin in the second half of 2026 through an entity called Qivalis, pending approval from the Dutch Central Bank. This MiCA-compliant initiative aims to enhance onchain payments and digital asset access for European users in their native currency.
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Formation of Qivalis: An Amsterdam-based entity uniting 10 EU banks to develop and issue the stablecoin under regulatory oversight.
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Regulatory pathway: The project requires approval from the Dutch Central Bank to ensure compliance with the EU’s Markets in Crypto-Assets (MiCA) framework.
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Market context: Euro-denominated stablecoins currently hold less than 1% of the global market, with a capitalization of about $407 million as of recent ECB data.
Euro stablecoin launch by 10 banks via Qivalis in 2026 promises monetary autonomy for Europeans. Discover MiCA compliance, risks, and opportunities in digital payments. Stay informed on crypto innovations today!
What is the euro-pegged stablecoin planned by European banks?
Euro-pegged stablecoin refers to a digital asset designed to maintain a 1:1 value with the euro, providing stability for transactions in the cryptocurrency ecosystem. A consortium of 10 EU-based banks, including BNP Paribas, has formed the entity Qivalis in Amsterdam to develop and launch such a stablecoin in the second half of 2026, subject to regulatory approval from the Dutch Central Bank. This initiative aligns with the EU’s Markets in Crypto-Assets (MiCA) regulations, aiming to facilitate seamless onchain payments and integration with digital asset markets using the euro as the base currency.
How will this euro stablecoin impact European digital payments?
The introduction of a euro-pegged stablecoin by Qivalis could significantly streamline cross-border payments and everyday transactions within the European Union by leveraging blockchain technology for faster, lower-cost transfers. Qivalis CEO Jan-Oliver Sell emphasized, “A native euro stablecoin isn’t just about convenience — it’s about monetary autonomy in the digital age,” highlighting its potential to open new avenues for European companies and consumers to engage with onchain payments without relying on foreign currencies like the US dollar.
According to a notice from BNP Paribas, the banks involved are committed to full compliance with MiCA, which sets stringent standards for stablecoin issuers, including reserve requirements and transparency measures. This regulatory adherence addresses concerns raised by the European Central Bank (ECB) in its November report, which noted that while risks from stablecoins remain limited, their rapid growth—evidenced by a global market exceeding $150 billion—warrants vigilant monitoring.
Dutch Central Bank Governor Olaf Sleijpen has cautioned about potential threats to monetary policy as stablecoin adoption increases, particularly if they challenge the euro’s role in the financial system. ECB adviser Jürgen Schaafhe reported that euro-denominated stablecoins currently represent a modest market capitalization of less than 350 million euros, or approximately $407 million, accounting for under 1% of the total stablecoin market as of July data. This small footprint underscores the opportunity for growth, but also the need for robust oversight to prevent systemic risks such as liquidity mismatches or depegging events.
Supporting data from the ECB illustrates the stablecoin landscape: while US dollar-pegged assets dominate with over 90% market share, the push for a euro equivalent could diversify options and reduce dependency on non-EU assets. Experts suggest that successful implementation could boost adoption in sectors like remittances, where Europeans sent over €25 billion abroad in 2024, often incurring high fees through traditional channels.
In the broader context, this development mirrors global trends toward regulated digital currencies. For instance, in the United States, the GENIUS Act, signed into law by President Donald Trump in July, establishes a federal framework for payment stablecoins, potentially influencing international standards. However, the EU banks’ focus remains on creating a localized solution tailored to European needs, ensuring interoperability with existing payment systems like SEPA.
Frequently Asked Questions
What banks are involved in the Qivalis euro stablecoin project?
The Qivalis entity comprises 10 EU-based banks, with BNP Paribas prominently announcing its participation. Other members include major institutions from the region, though specific names beyond the lead bank have not been fully disclosed in public notices. This collaboration aims to pool resources for regulatory compliance and technological development, targeting a launch in the second half of 2026 pending Dutch Central Bank approval.
Is the euro stablecoin from Qivalis compliant with EU regulations?
Yes, the planned euro stablecoin will adhere to the Markets in Crypto-Assets (MiCA) framework, which governs crypto assets across the EU and mandates strict licensing, reserve backing, and risk management for stablecoin issuers. As explained by Qivalis leadership, this compliance ensures stability and consumer protection, making it a reliable option for digital payments in Europe. The process involves thorough vetting by the Dutch Central Bank to mitigate any monetary policy disruptions.
Key Takeaways
- Consortium Formation: Ten banks, including BNP Paribas, have established Qivalis in Amsterdam to spearhead the euro stablecoin initiative, focusing on MiCA compliance.
- Timeline and Regulation: Launch targeted for late 2026, contingent on Dutch Central Bank approval, amid ECB warnings on growing stablecoin risks.
- Market Opportunity: With euro stablecoins holding less than 1% of the global market, this project could enhance European financial sovereignty and onchain transaction efficiency.
Conclusion
The collaboration among 10 European banks to launch a euro-pegged stablecoin through Qivalis marks a pivotal step toward integrating traditional finance with blockchain technology under the MiCA framework. By addressing regulatory hurdles and emphasizing monetary autonomy, as noted by CEO Jan-Oliver Sell, this initiative could empower users with more accessible digital payments while navigating risks highlighted in ECB reports. As the stablecoin market evolves, stakeholders should monitor developments closely, positioning Europe as a leader in compliant crypto innovations for the years ahead.
Source: https://en.coinotag.com/eu-banks-eye-euro-pegged-stablecoin-launch-in-2026-amid-regulatory-scrutiny
