European lenders behind the Qivalis euro stablecoin are in advanced talks with crypto exchanges, market makers, and liquidity providers as they prepare to roll out the token in the second half of 2026.
The consortium, led by banks including CaixaBank, BBVA, BNP Paribas, ING, and UniCredit, wants the coin to be available for instant transfers from day one, both through participating platforms and directly via member banks, according to a report in the Spanish financial daily Cinco Días.
Qivalis, a Netherlands-based venture backed by 12 major European banks, is developing a euro-pegged stablecoin for real-time payments and settlement, and in recent months has worked in parallel on the underlying technology and on the channels through which users will access the token.
Euro-Based Rival to Dollar Stablecoins
Chief executive Jan Sell, formerly head of Coinbase in Germany, said Qivalis’ priority is to offer a regulated, EU-based alternative to the dominant dollar-denominated stablecoins, while still targeting global use.
He said the stablecoin is designed for real-time cross-border business payments and international trade, and that Qivalis is weighing partnerships with both European and non-European exchanges, provided they meet regulatory standards, such as the EU’s MiCA regime, show strong liquidity, and follow strict security practices.
Spanish platform Bit2Me has confirmed it has held talks with one of the banks in the consortium, although most exchanges have declined to comment.
BBVA Abandons Solo Euro Stablecoin in Favor of Qivalis
Since the initiative was first announced in September, more banks have joined. The consortium now includes CaixaBank, Banca Sella, BNP Paribas, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, UniCredit, and BBVA, which in February abandoned its own separate euro stablecoin plan to back Qivalis, arguing that scale and interoperability are essential in a market where about 99% of stablecoins are tied to the US dollar.
Risk-Spread Reserves and 24/7 Redemption
During the first half of this year, Qivalis plans to sign commercial agreements with distribution and custody partners, which may include additional banks. Sell said reserves will be held across a diversified group of highly rated credit institutions.
The token will be backed 1:1 by reserves, with at least 40% held in bank deposits and the rest in high-quality short-term bonds, mainly euro-area sovereign debt diversified across several countries to limit concentration risk, while custodian partners will be selected for their solvency, commercial terms, and ability to offer 24/7 redemption.
Part of Europe’s Wider Payments Push
The project adds a private-sector layer to Europe’s broader push to gain greater independence in payments, as the European Central Bank advances work on a digital euro and banks explore a “European Bizum-style” instant-transfer network to reduce reliance on US card giants and build homegrown rails for everyday transactions.
