European banks advance talks to launch euro stablecoin in 2026
The Qivalis consortium, bringing together several major European banks, is in advanced negotiations with crypto exchanges and liquidity providers to distribute a future euro-denominated stablecoin. The project includes ING, UniCredit, and recently joined BBVA, along with other financial groups.
The launch is scheduled for the second half of 2026, according to Cointelegraph.
Banks expect to distribute the token both directly through their own channels and via partner platforms. The initiative comes several months after the consortium’s official announcement in September 2025, when nine banks from different EU countries joined the project.
Strategy: creating a regulated alternative to the dollar
Qivalis CEO Jan Sell stated that the consortium is considering both European and international platforms for partnerships. The project is designed to create a “regulated domestic alternative” to dollar-based stablecoins.
According to him, the main focus is on real-time cross-border B2B payments and international trade. Participants intend to work only with companies that comply with MiCA requirements. Among potential partners, the Spanish exchange Bit2Me, which holds a MiCA license, was mentioned. The project is therefore being built within the framework of European regulation from the outset.
Reserves and collateral model
Qivalis CFO Floris Lugt said the stablecoin will be backed 1:1 by reserves. At least 40% of the funds are expected to be held in bank deposits. The remaining reserves will be invested in short-term, high-quality eurozone government bonds.
This structure is intended to reduce concentration risk and enhance the instrument’s resilience. The consortium also promises 24/7 redemption for token holders. This is meant to make the product functionally comparable to the largest global stablecoins.
Euro stablecoins amid dollar dominance
The stablecoin market in 2026 is estimated at over $180–200 billion, with more than 90% of capitalization concentrated in dollar-denominated tokens. The share of euro stablecoins remains below 2% of the total market, highlighting the imbalance in digital settlements.
European banks aim to change this dynamic by offering a regulated alternative under EU supervision. If successfully launched, Qivalis could capture a niche in institutional settlements within the eurozone, where annual cross-border transaction volumes amount to trillions of euros. Competition will depend on the pace of MiCA implementation and the willingness of companies to shift from dollar-based settlements to a digital euro instrument.
Recently we wrote that the findings reflect behavior among crypto-active users rather than the general public, as the survey excludes major markets such as China and Canada.
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
