European Banks Launch Euro-Pegged Stablecoin

European Banks Develop Euro-Pegged Stablecoin for Blockchain Payments

2 March 2026 at 20: 24

Reading time: 2 minutes

Qivalis, a consortium of major European couches, including ING, UniCredit, BNP Paribas, CaixaBank, and BBVA, is currently in the final stages of developing a euro-pegged stablecoin. This stablecoin, scheduled for launch in the second half of this year, will comply with EU guidelines under the MiCA (Markets in Crypto-Assets) regulatory framework. At a time when the United States is emerging as a dominant player in the stablecoin space, the Qivalis initiative aims to provide a strong European counterpart.

The philosophy behind this euro stablecoin is to strengthen the EU's strategic autonomy in the payments sector. Using a euro-pegged token, businesses and consumers within the European Union can conduct blockchain-based transactions and settlements without relying on traditional financial infrastructures or foreign third parties. This offers an opportunity for innovation and acceleration of payments within the European ecosystem.

The Qivalis working group is committed to ensuring the token's availability on regulated trading platforms from day one. This is crucial for ensuring liquidity, a point also emphasized by Qivalis CEO Jan Sell. The consortium is so focused that it has already held discussions with various crypto exchanges, market makers, and liquidity providers to ensure a smooth launch.

In this regard, the Spanish crypto exchange Bit2Me has confirmed that it has established contact with one of Qivalis' participating banks. While most platforms do not explicitly comment, this indicates that serious steps are being taken to give the euro stablecoin a firm foothold in the crypto market.

One of the stablecoin's key features is its reserve structure. According to Cinco Días reports, the stablecoin will be collateralized on a 1:1 basis, with at least 40% of reserves held in bank deposits. The remaining reserves will be invested in high-quality, short-term government bonds of eurozone countries, aiming for diversification across various EU countries. Holding reserves with multiple highly rated credit institutions adds an extra layer of stability and trust. Furthermore, there will be a 24/7 redemption system available to token holders, increasing accessibility.

In addition to the operational aspects, the consortium is actively seeking approval from the Dutch Central Bank (DNB) within the MiCA regulatory framework, which is essential to strengthen the legal and operational basis for the stablecoin.

Frequently Asked Questions

What are the main benefits of the Qivalis stablecoin for EU businesses?
The Qivalis stablecoin allows businesses to conduct euro transactions with the benefits of blockchain technology, such as speed and lower costs, without relying on foreign capital or traditional banks.

How can the stability of this stablecoin be guaranteed?
Stability is ensured by a diversified reserve structure, with 40% held in bank deposits and the remainder in high-quality government bonds, which helps minimize risks.

What are the implications of the Qivalis stablecoin for the European crypto market?
The introduction of this stablecoin could lead to greater adoption of crypto in the mainstream economy, increased competition with US stablecoins and could help the EU increase its financial independence.

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