Qivalis, a consortium of major European banks including ING, UniCredit, and BBVA, is in advanced talks with crypto exchanges and liquidity firms to distribute its planned euro-pegged stablecoin. The launch is targeted for the second half of 2026, with the consortium seeking distribution partnerships globally. According to reports, the initiative aims to provide a regulated alternative to US dollar-denominated stablecoins, backed by reserves comprising at least 40% bank deposits and the rest in euro-area sovereign bonds, supporting 24/7 redemption.
Qivalis is in advanced discussions with crypto exchanges, market makers, and liquidity providers for its euro stablecoin distribution. The consortium targets a launch in the second half of 2026, as indicated in a recent report.
The group includes banks such as ING, UniCredit, and BBVA, which joined as the 12th member in early February. Shareholder banks will also directly distribute the stablecoin.
Jan Sell, Qivalis CEO, said the consortium is considering partnerships with both European and international platforms. “It’s essential for our core use cases, such as facilitating real-time, cross-border business-to-business payments and global trade,” he noted.
Sell emphasized this aligns with offering a “regulated, domestic alternative to US dollar-denominated stablecoins.” The consortium seeks partners complying with EU frameworks like the Markets in Crypto-Assets Regulation.
Bit2Me, a MiCA-licensed exchange in Spain, has held talks with one of the consortium’s banks. This was according to the same report.
Floris Lugt, Qivalis chief financial officer, said reserves will be backed 1:1, with at least 40% in bank deposits. The remainder is expected in high-quality, short-term sovereign bonds from various euro-area countries.
This approach avoids concentration in any single country, Lugt explained. He also confirmed the stablecoin will support 24/7 redemption for token holders.
The consortium was first announced in September 2025 with nine initial members, including CaixaBank, Danske Bank, and Raiffeisen Bank International. Other founders are KBC, SEB, DekaBank, and Banca Sella, with BBVA joining later, as mentioned on social media.
