As per Coindesk, BNP Paribas, France's largest bank by assets, has joined nine other European banks in a stablecoin venture called Qivalis. The initiative, based in Amsterdam, is backed by ING, UniCredit, and CaixaBank, and has applied for an electronic money license from the Dutch Central Bank. The stablecoin is expected to launch in the second half of 2026. Qivalis has appointed Jan-Oliver Sell as CEO, a former Coinbase Germany executive. The venture aims to build blockchain-native, MiCA-compliant digital payment infrastructure for corporate clients in Europe. The 10 banks seek to offer an alternative to dollar-pegged stablecoins like USDT and USDC, with euro-denominated tokens currently holding only $670 million in supply.
BNP Paribas Joins EU Stablecoin Venture Qivalis Led by Ex-Coinbase Germany Exec
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