Ten of Europe’s largest banks have joined forces to launch qivalis, a new stablecoin venture that will debut a euro-backed stablecoin by 2026.
A coalition of ten major European banks has officially launched a new Amsterdam‑based company called qivalis to create a euro‑pegged stablecoin capable of countering the overwhelming dominance of US digital‑dollar systems.
The consortium includes ING, UniCredit, BNP Paribas, Raiffeisen Bank International, SEB, Danske Bank, CaixaBank, KBC, Banca Sella, and DekaBank. Together, these firms intend to build a regulated European alternative as USD-focused tokens USDT and USDC capture a $261 billion market cap.
Coinbase Exec as CEO
The group has appointed Jan‑Oliver Sell, known for his previous work at Coinbase in Germany, as CEO. ING’s digital asset lead Floris Lugt will serve as CFO, while former NatWest chair Howard Davies will head the board.
The plan is to secure an Electronic Money Institution license from the Dutch central bank, a process expected to take six to nine months. If approved, qivalis aims to launch its euro‑backed stablecoin in the early second half of 2026.
On the other hand, the United States is accelerating its own stablecoin expansion under the GENIUS Act, which encourages dollar‑backed token issuance to support US monetary influence abroad. Meanwhile, qivalis wants to reclaim monetary ground for Europe, competing with Tether and Circle.
Sweden’s Report on Stablecoins
The Swedish central bank, Sveriges Riksbank, recently released a detailed analysis exploring the systemic risks that widespread stablecoin adoption could pose.
It warned that if households move savings from insured bank deposits into private digital assets, the traditional banking sector could face higher funding costs, tighter lending conditions, and upward pressure on mortgage and business‑loan rates.
The report also discussed concerns around fire‑sale dynamics during redemption waves, inconsistencies in issuer guarantees, and competition between private monies that might trade at discounts.
Although MiCA creates a clear legal path for stablecoins backed by central‑bank reserves, the European Central Bank and national central banks continue to restrict issuer access to settlement accounts.
They permit accounts for payment purposes but limit balances to operational necessities. This blocks the formation of fully backed, full‑reserve stablecoins backed directly by central‑bank liquidity.
Poland’s President Vetoed Crypto Bill
In Poland, President Karol Nawrocki vetoed a bill that would have put the country in line with EU crypto rules. He argued that the legislation threatened civil freedoms, introduced opaque domain‑blocking powers, and imposed regulatory fees that would crush small businesses.
Lawmakers warn that refusing to implement MiCA could push crypto firms to relocate abroad and leave Polish consumers without regulatory protection.
For qivalis, fragmented policies and national disagreements slow progress toward a unified European digital asset framework. However, MiCA’s eventual full implementation could give qivalis a stable, legally defined operating environment.
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