European Banking Consortium: Euro Stablecoin 2026

European Banking Consortium to Launch Euro-Pegged Stablecoin in 2026: Potential Impact and Risks

3 December 2025 at 12: 01

Reading time: 2 minutes

A consortium of ten banks plans to launch a euro-pegged stablecoin in 2026, overseen by the Dutch Central Bank. In an official announcement on Tuesday, BNP Paribas joined nine other EU banks collaborating to launch this euro-based stablecoin in the second half of 2026. The Amsterdam-based entity, Qivalis, will launch a stablecoin compliant with the European Union's MiCA (Markets in Crypto-Assets) framework, subject to regulatory approval.

Qivalis CEO Jan-Oliver Sell stated that a native euro stablecoin not only offers convenience but is also essential for monetary autonomy in the digital age. "This presents new opportunities for European businesses and consumers to interact with on-chain payments and digital asset markets in their own currencies," he added. The most significant aspect of this step lies in the expected impact it will have on the accessibility of the crypto market within Europe.

The development of a significant euro-pegged stablecoin coincides with initiatives by US regulators to introduce legislation establishing a framework for payment stablecoins in the United States. This legislation, known as the GENIUS Act, was introduced and signed into law in July by former President Donald Trump.

Amid the efforts of European banks, the governor of the Dutch Central Bank, Olaf Sleijpen, has warned of the potential risks that the growth of the stablecoin market poses to monetary policy. In November, the European Central Bank (ECB) published a report stating that the risks of stablecoins are likely limited, but that their rapid growth nevertheless warrants careful monitoring.

According to ECB advisor Jürgen Schaaf, the total market value of euro-denominated stablecoins was less than 350 million euros, which is approximately $407 million at the time of publication. This represented less than 1% of the global stablecoin market in July.

Tether's elimination from the European stablecoin race

Stablecoin company Tether halted refunds for its euro-pegged coin, EURt, on November 25, about a year after announcing it would end support. The company indicated at the time that this decision was influenced by the EU's MiCA regulations, with CEO Paolo Ardoino stating that these regulations posed risks to stablecoins.

Developments in the European stablecoin market are far more significant than they initially appear. Established financial institutions are slowly beginning to explore the possibilities of blockchain technology while navigating an increasingly complex legal landscape. The question investors must ask themselves is: can these stablecoins disrupt or even integrate traditional financial systems? In the coming years, I promise we will undoubtedly witness a dramatic evolution in how we experience the euro and other fiat currencies within crypto ecosystems.

Frequently Asked Questions

What is the importance of a euro-pegged stablecoin for European companies?
A euro-pegged stablecoin facilitates transactions and reduces the volatility which is often associated with cryptocurrency, making it more attractive for companies to use digital assets in their daily operations.

Why does Qivalis believe this stablecoin can strengthen monetary autonomy?
By arranging transactions in a reliable digital alternative to the euro, European businesses and consumers can reduce their reliance on foreign currencies and payment systems, increasing their economic independence.

What are the risks associated with stablecoin market growth?
The growth of the stablecoin market could pose risks to the stability of financial markets and monetary policy, especially if these digital assets increase in popularity without adequate regulation and oversight.

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