Qivalis brings 37 banks and a euro stablecoin to Ethereum in 2026

Qivalis is targeting the second half of 2026 to deploy a euro-backed stablecoin on Ethereum. Backed by 37 banks and a pending MiCAR license, the project is designed to address dollar dominance and create a shared on-chain payment infrastructure for Europe.

A consortium that grew from 9 banks to 37

Qivalis is an Amsterdam-based entity incorporated in the Netherlands that has applied for an electronic money institution license from De Nederlandsche Bank (DNB). The consortium was officially launched in December 2025. On September 25, 2025, nine banks announced plans to form a MiCAR-compliant issuer. BNP Paribas joined on December 1, 2025, taking the group to 10 members, before it expanded to 37 banks on May 20, 2026.

A rapid European expansion

The founding-member list includes Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB and UniCredit. The 25 new members are ABANCA, ABN AMRO, AIB, Banco Sabadell, Bank of Ireland, Bank Pekao S.A., Bankinter, Banque et Caisse d’Épargne de l’État (Spuerkeess), Banque Fédérative du Crédit Mutuel, BPER Banca, Cecabank, Erste Group, Groupe BPCE, Handelsbanken, Helaba, Intesa Sanpaolo, Jyske Bank, Kutxabank, Landsbankinn, National Bank of Greece, Nordea, OP Pohjola, Piraeus, Rabobank and Swedbank.

Jan-Oliver Sell is the CEO. He brings 18 years of operating experience across financial services and technology, including leadership roles in London. He previously led Coinbase Germany, secured BaFin’s first crypto custody license, and held management positions at Binance and iFunded. Floris Lugt, the CFO, previously led wholesale digital assets at ING and its blockchain strategy. Sir Howard Davies, chair of the supervisory board, led the FSA from 1997 to 2003, the London School of Economics from 2003 to 2011, and RBS, now NatWest, from 2015 to 2024. All three appointments remain subject to regulatory approval.

A reserved, programmable digital euro

The stablecoin is designed to Maintain a 1:1 parity with euros and high-quality liquid assets held by regulated custodians. MiCAR, the EU Markets in Crypto-Assets Regulation, governs areas including issuance, reserve requirements and financial disclosures. Qivalis is targeting its license in H2 2026 and expects to become operational immediately after approval.

• 24/7 access to payments and settlement.
• Faster and more automated cross-border transfers.
• Programmable payments tied to predefined business rules.
• Improved supply-chain management workflows.
• Settlement ranging from tokenized assets to cryptocurrencies.

Why use a public blockchain?

Selecting Ethereum separates Qivalis from consortia that keep tokenized money on private ledgers. The public network can provide access to established liquidity, users and decentralized-finance markets. Ethereum’s institutional account describes Qivalis as a consortium of European banks developing a MiCAR-regulated euro stablecoin for deployment on a public blockchain.

« The real value of this initiative is not the technology itself, but what it enables. With more than 25 additional banks joining the consortium, Qivalis is evolving into a genuinely shared European effort, creating a common infrastructure that enables clients to move value instantly, automate processes, and operate seamlessly across borders in a more efficient way. »

Geert Wijnhoven, Chief Technology Officer, ING Wholesale Banking

Sell argues that a native euro stablecoin is not merely a convenience but a question of monetary autonomy in the digital age. It should let businesses, fintechs, SMEs and consumers transact on-chain in their own currency. Davies says the infrastructure must also embed European standards for data protection, financial stability and regulatory compliance. The consortium summarizes its mission as building the future financial rails of Europe.

Confidentiality remains a central design issue on a public chain. Sell mentioned a new confidential and regulatory token standard under discussion on Ethereum, with privacy by design and compliance embedded at the protocol level. Any future standard would need to preserve institutional controls and regulatory oversight while enabling programmable transactions.

The gap with dollar stablecoins remains vast

Dollar-backed stablecoins account for about 99.5% of a market worth roughly $300 billion, while total dollar stablecoin supply exceeded $301 billion. Tether’s USDT is near $190 billion, while Circle’s USDC stands at approximately $77 billion.

CoinGecko puts the combined capitalization of euro stablecoins at $896 million. Europe represents less than 0.3% of the sector, or approximately $800 million. In April, French Finance Minister Roland Lescure called the imbalance « not satisfactory, » backed Qivalis and encouraged European banks to explore tokenized deposits as well. ECB President Christine Lagarde described the growing use of dollar stablecoins in Europe as a « legitimate problem » that could reinforce dependence on the US currency.

Banks will test practical use cases

BNP Paribas will help develop blockchain-based digital payment ecosystems offering secure and reliable solutions that comply with local rules. The group has nearly 178,000 employees, including more than 144,000 in Europe, and operates in 64 countries. With corporate clients, it plans to identify and test use cases that address existing needs while supporting regulatory compliance and long-term sustainability.

Conclusion: execution will matter as much as launch

Moving from announcement to adoption will depend on licensing, reserve quality and liquidity, token distribution, and the ability to attract real applications. Ethereum offers a liquid network, but embedded compliance and confidentiality must be demonstrated without reproducing the constraints of private ledgers.

If the banks convert their customer bases into active users and connect existing payment systems, Qivalis could generate network effects around the euro on-chain. If adoption remains limited, DeFi depth will probably continue to favor dollar stablecoins. The decisive test will therefore be everyday utility rather than the technical launch alone.

Sources

• Cryptoast – Le stablecoin euro du consortium bancaire Qivalis sera déployé sur Ethereum
• BNP Paribas – BNP Paribas joins European consortium to launch euro-backed stablecoin
• Yahoo Finance – European banks’ Qivalis targets H2 for euro stablecoin launch
• CaixaBank – Qivalis joint venture of a European banking consortium
• The Block – Qivalis expands euro stablecoin consortium to 37 banks
• ING – European banks rally behind a euro stablecoin

This article is for informational and educational purposes only. It does not constitute investment advice in any form. Do your own research (DYOR) before making any decision.