In a notable move towards digital currency transformation, a consortium of top European banks, including BNP Paribas, ING, UniCredit, and others, have announced the creation of a company named Qivalis aimed at launching a stablecoin pegged to the euro. With the launch projected for the second half of 2026, pending regulatory green light, Qivalis introduces a direct challenger to the prevalent U.S. dollar-based systems in the digital payment landscape.
Under the leadership of Jan-Oliver Sell, ex-CEO of Coinbase Germany, and Howard Davies, former chair of NatWest, Qivalis is set to catalyze a key shift with a focus on facilitating crypto trading and payments. The initiative also reflects a heightened response to the pervasive growth of stablecoins, especially those backed by the U.S. dollar, while euro-anchored alternatives remain scarce. In the context of regulatory scrutiny from the ECB and broader concerns about the influence of private stablecoins on financial stability, the consortium's proposed solution articulates a strategic push for European autonomy in the burgeoning digital payments sector.
