Ten of Europe’s biggest banks have formed a company to launch a euro-pegged stablecoin.
The new venture, dubbed Qivalis, is a joint effort by BNP Paribas, Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit, the group announced Tuesday (Dec. 2).
“The launch of a euro-denominated stablecoin, backed by a consortium of European banks, represents a watershed moment for European digital commerce and financial innovation,” said CEO Jan-Oliver Sell. “A native euro stablecoin isn’t just about convenience; it’s about monetary autonomy in the digital age.”
Sell’s previous duties include serving as managing director for Coinbase Germany, where he secured the first-ever cryptocurrency custody license ever from the German Federal Financial Supervisory Authority (BaFin).
The launch comes a little more than two months after the banks — a nine-member consortium at the time, as BNP Paribas had yet to join — announced their digital token project, aimed at creating a European alternative to what they called a “U.S.-dominated” stablecoin market.
Sir Howard Davies, chairman of the Qivalis supervisory board, alluded to that goal in a news release announcing the group.
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“This infrastructure is essential if Europe wants to compete globally in the digital economy while preserving its economic independence,” he said. “We’re not just building payment rails; we’re ensuring that European values around data protection, financial stability, and regulatory compliance are embedded into the future of the next level of digital money.”
Qivalis says it is applying for an electronic money institution (EMI) license from the Dutch central bank and aims to debut the stablecoin in the second half of next year.
The launch comes amid ongoing growth in the stablecoin market, with several American banks and payment companies readying their own coins following the adoption of new U.S. legislation.
That legislation, the GENIUS Act, was enacted in July. But as covered here last week, the new rules still haven’t been put into practice, held back until the Department of the Treasury releases implementing regulations.
“That vacuum is now producing follow-on consequences,” PYMNTS wrote. “Arrangers, banks, FinTech lenders and crypto-native issuers are racing to test the boundaries of the statute before regulators have locked down the guardrails and their corresponding definitions.”
