As reported by CoinEdition, ten major European banks, including ING and BNP Paribas, have formed a consortium called Qivalis to launch a fully regulated euro-backed stablecoin in the second half of 2026. The project aims to challenge the U.S. dollar’s dominance in the stablecoin market, which currently accounts for 99% of the $185 billion sector. Qivalis has started the process of applying for an Electronic Money Institution (EMI) license from the Dutch central bank. The consortium includes Banca Sella, CaixaBank, Danske Bank, DekaBank, KBC, Raiffeisen Bank International, SEB, and UniCredit. Jan-Oliver Sell, a former Coinbase Germany executive, has been appointed CEO of Qivalis, with Floris Lugt of ING serving as CFO. The board will be chaired by Howard Davies, former head of the UK Financial Conduct Authority. The euro stablecoin is intended to be a cornerstone of future digital asset infrastructure, supporting innovation in payments and settlements.
Europe’s 10 Largest Banks Form Qivalis to Launch Regulated Euro Stablecoin in 2026
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