A consortium of ten banks in Europe, including financial institutions such as UniCredit, Raiffeisen Bank International, and BNP Paribas, has announced the creation of a company called Qivalis to implement a euro-pegged stablecoin. The launch is expected to take place in the second half of 2026, as reported by RIA Novosti.
In a press release, Qivalis emphasizes that the company plans to obtain all necessary licenses from regulators and is preparing to enter the market with a new digital payment instrument that will operate based on blockchain technologies. This stablecoin aims to become a reliable standard in the field of digital finance in Europe.
The project will be carried out under the supervision of the Central Bank of the Netherlands and in accordance with EU regulations regarding crypto assets (MiCA). Qivalis will be headquartered in Amsterdam. The company will be led by Jan-Oliver Zell, who previously held executive positions at major cryptocurrency firms. The Chief Financial Officer will be Floris Lucht, who previously worked at ING, and the supervisory board will be chaired by Howard Davies, former head of NatWest, the largest commercial bank in the UK.
The project authors expect that the new stablecoin will enable international transactions at any time, implement automated payment systems, and improve logistics processes, as well as settlement operations with digital assets, including tokens and cryptocurrencies. It will also provide fast and inexpensive transfers, as well as the completion of transactions.
According to the Bank for International Settlements for July 2025, the United States currently holds a dominant position in the crypto market: about 70% of stablecoins are denominated in dollars, accounting for 99% of the total market capitalization of this type of cryptocurrency.
A stablecoin is a type of cryptocurrency whose price is pegged to the exchange rate of a traditional currency and is backed by its reserves. One of the most well-known examples is the USDT token issued by Tether, which is pegged to the US dollar.
