BNP Paribas will collaborate with nine other major European banks to launch a regulated euro-backed stablecoin by 2026, aiming to strengthen Europe’s digital payment autonomy.
Key Takeaways
- Ten European banks, including BNP Paribas, have launched a joint venture called Qivalis to issue a euro-pegged stablecoin.
- The stablecoin aims to comply fully with the EU’s Markets in Crypto-Assets (MiCA) regulations and launch in the second half of 2026.
- The Dutch Central Bank is overseeing the licensing process through an electronic money license application.
- The initiative is designed to offer a Europe-based alternative to dominant US dollar-backed stablecoins like USDT and USDC.
What Happened?
A coalition of ten European banks, including financial giant BNP Paribas, has announced the formation of Qivalis, a Netherlands-based entity set to launch a euro-pegged stablecoin in 2026. The project aims to create a secure, regulated, blockchain-based payment infrastructure that adheres to the European Union’s MiCA framework. The Dutch Central Bank will supervise the licensing process for this electronic money initiative.
NEW: GROUP OF 10 EUROPEAN BANKS, INCLUDING ING, UNICREDIT, AND BNP PARIBAS, HAVE FORMED A COMPANY TO LAUNCH A EURO-PEGGED STABLECOIN IN THE SECOND HALF OF 2026, IN A MOVE THEY HOPE WILL COUNTER U.S. DOMINANCE IN DIGITAL PAYMENTS – VIA REUTERS
— DEGEN NEWS (@DegenerateNews) December 2, 2025
SOURCE: https://t.co/jyTpThlhD5 pic.twitter.com/vthFQB5Cri
Qivalis: Europe’s Answer to Dollar-Dominated Stablecoins
Qivalis was founded as a joint venture between major EU banks, such as ING, UniCredit, CaixaBank, and BNP Paribas. Based in Amsterdam, Qivalis will spearhead the development and issuance of a fully compliant euro stablecoin. The initiative is designed to enhance Europe’s digital financial infrastructure by offering a regionally anchored alternative to widely-used dollar-backed stablecoins like USDT and USDC.
According to Qivalis, the stablecoin will be integrated into a blockchain-based payment system that supports fast, secure, and cost-efficient transactions for European consumers and businesses.
- The launch is scheduled for the second half of 2026.
- The stablecoin will be fully euro-collateralized and MiCA-compliant.
- Licensing is being sought from the Dutch Central Bank.
Qivalis is currently developing its governance framework and preparing for full operational readiness ahead of MiCA’s regulatory enforcement across the European Union.
Leadership with Crypto Expertise
To lead the venture, Qivalis appointed Jan-Oliver Sell, a former executive at Coinbase Germany, as CEO. Sell brings extensive experience in both traditional finance and cryptocurrency markets, offering a bridge between regulatory requirements and innovative technology.
In a statement, Sell emphasized the importance of digital sovereignty, saying, “A native euro stablecoin isn’t just about convenience. It’s about monetary autonomy in the digital age.” He noted that the stablecoin would allow for seamless onchain transactions within the eurozone.
Competition and Regulatory Backdrop
The market for euro-denominated stablecoins remains modest compared to their dollar-pegged counterparts. As of July, euro stablecoins had a total market value of around $670 million, whereas dollar stablecoins reached $300 billion. Circle’s EURC and Société Générale’s EURCV are among the largest euro-pegged coins, valued at $330 million and $62 million respectively.
Tether’s EURT, once a major euro-backed option, officially ceased redemptions in November 2023 due to rising compliance burdens under MiCA, leaving a gap that Qivalis now aims to fill.
Regulators, however, are proceeding with caution. Dutch Central Bank Governor Olaf Sleijpen has voiced concerns about potential risks to monetary policy from stablecoins. The European Central Bank echoed similar warnings in a November report, emphasizing the need for rigorous oversight.
CoinLaw’s Takeaway
I think this is exactly the kind of development the EU needs to compete in the digital finance space. In my experience, regulatory clarity and regional backing are what make or break a stablecoin project. Qivalis is coming in with both, and the timing is perfect given MiCA’s full implementation by 2026. I found it especially interesting that a traditional banking giant like BNP Paribas is stepping up in this space. It shows that stablecoins are no longer just a crypto startup experiment. This could be a turning point for Europe’s role in digital assets.
