Key Insights:
- Major stablecoin news surfaced as 10 European banks form a consortium to launch a euro stablecoin.
- Amsterdam-based Qivalis targets the second half of 2026 for launch.
- The move aims to counter US dominance in the digital payments market.
A consortium of 10 major European banks has announced the formation of Qivalis, a new company that will issue a euro-pegged stablecoin.
The stablecoin news comes as European financial institutions seek to challenge the overwhelming dominance of US dollar-backed digital assets in the global payments space.
The group held a press conference in Amsterdam on December 2 to unveil the project. The euro stablecoin initiative brings together banking giants from across the continent.
Stablecoin News: Ten European Banks Form Qivalis Consortium
The Amsterdam-based company includes ING, UniCredit, and BNP Paribas among its founding members.
The full consortium comprises ING from the Netherlands, UniCredit and Banca Sella from Italy, BNP Paribas from France, KBC from Belgium, DekaBank from Germany, Danske Bank from Denmark, SEB from Sweden, CaixaBank from Spain, and Raiffeisen Bank International from Austria.
The project was first announced in September with nine banks. BNP Paribas joined the group ahead of the December 2 announcement, according to ING’s digital asset lead Floris Lugt.
The banks selected Amsterdam as the headquarters for Qivalis. The location positions the venture within a jurisdiction known for progressive digital asset regulation and access to the Dutch central bank for licensing purposes.
Launch Timeline Targets Second Half of 2026
Qivalis appointed Jan-Oliver Sell as CEO, and he brings experience from his previous role at Coinbase in Germany.
Floris Lugt will serve as CFO of the new company. Lugt currently leads digital asset initiatives at ING, one of the consortium’s anchor members.
Howard Davies takes the position of chairman. Davies previously chaired NatWest and brings decades of experience in European banking regulation and operations.
The company expects to launch its euro stablecoin at the beginning of the second half of 2026. Sell stated that the licensing process should take six to nine months from the application date.
Qivalis is currently in the process of applying for an Electronic Money Institution license from the Dutch central bank. The EMI license will allow the company to issue electronic money under European financial regulations.
The 2026 launch date gives the consortium time to build infrastructure and complete regulatory requirements.
The timeline also aligns with the full implementation of the EU’s Markets in Crypto-Assets regulation, which provides a clear legal framework for stablecoin issuers.
Countering US dollar Stablecoin Dominance
The stablecoin news comes as European banks and regulators seek to address the current market structure.
US dollar-backed stablecoins account for approximately 99% of the total stablecoin market, with Tether’s USDT alone holding around $185 billion in circulation.
Tether has driven much of the growth in dollar stablecoins in recent years. The dominance of dollar-pegged tokens has raised concerns among European policymakers about monetary sovereignty in the digital economy.
A host of top US financial firms have been preparing to launch their own dollar-backed stablecoins. These preparations accelerated after US President Donald Trump signed a law establishing rules for stablecoins.
The Qivalis euro stablecoin targets use cases beyond retail trading. The consortium expects the token to serve business-to-business payments, corporate treasury management, and cross-border settlements.
Current market data shows the scale of the challenge facing euro stablecoin initiatives. Tether’s USDT holds a market capitalization of $184.6 billion, making it the largest stablecoin by market cap.
The total stablecoin market capitalization stands at $316.25 billion, up 0.3% from previous levels. Circle’s USDC ranks as the second-largest stablecoin with a market cap of $77.45 billion, while Ethena’s USDe holds $7.05 billion in market capitalization.
Recent Stablecoin News
The announcement comes during a period of quick change in the stablecoin sector. Swedish fintech company Klarna announced on November 25 that it will launch KlarnaUSD in 2026.
Ripple received approval from the Abu Dhabi Financial Services Regulatory Authority on November 27 for its RLUSD stablecoin. The approval allows RLUSD to serve as verified collateral for lending and trading within the Abu Dhabi Global Market.
Swiss-regulated AMINA Bank announced its integration of the USDG stablecoin on December 2. The bank joined the Global Dollar Network, which includes Robinhood, Kraken, and Paxos.
AMINA will offer custody, trading, and a rewards program with up to 4% annual percentage yield for institutional clients holding USDG.