A consortium of major European banks is negotiating with cryptocurrency exchanges to distribute a regulated euro-pegged stablecoin planned for mid-2026. The project, called Qivalis, aims to provide an on-chain euro alternative for B2B payments and trade finance, currently dominated by U.S. dollar stablecoins. The token will be fully backed by euros and compliant with the EU’s MiCA regulatory framework.
A banking consortium targeting a mid-2026 launch for a regulated euro stablecoin is negotiating with crypto exchanges and liquidity providers. The group, Qivalis, includes six major banks: ING, UniCredit, BBVA, CaixaBank, SEB, and KBC.
The consortium seeks regulated partners under the EU’s MiCA framework for distribution. Jan Sell, CEO of Qivalis, stated that distribution will combine banking channels and regulated crypto trading venues.
The stablecoin will maintain a 1:1 collateralization ratio with the euro. At least 40% of reserves will be held in bank accounts, with the rest in short-term Eurozone sovereign debt.
A round-the-clock redemption model will be available for corporate users. This feature is designed for treasury departments requiring fast settlement for payment obligations.
The project specifically targets cross-border B2B payments and international trade settlements. These flows are currently facilitated by correspondent banking and dollar liquidity.
Dollar-denominated stablecoins like USDT and USDC dominate the global market. Data shows they accounted for approximately 96% of total stablecoin transactions as of March 2026.
The entry of a bank-backed euro stablecoin could balance on-chain liquidity between euro and dollar denominations. Its integration into corporate payment systems may shift some institutional euro flows away from dollar tokens.
