The Qivalis consortium, which brings together 12 of Europe’s largest banks, plans to launch a euro-pegged stablecoin in H2 2026. As part of the project, the consortium began searching for crypto exchanges and liquidity providers to ensure large-scale distribution of the asset.
The euro stablecoin project, developed over the past six months by the European banking consortium Qivalis, is entering its final stage of preparation. According to Cinco Días, participating banks will now focus on building a partner network to support the asset’s placement.
The consortium is considering cooperation with crypto exchanges, market makers, and liquidity providers that comply with European MiCA regulations, maintain sufficient liquidity, and meet high security standards. Potential partners include both European and global platforms.
The Qivalis consortium includes 12 banking institutions:
- CaixaBank, one of Spain’s largest banks.
- Banca Sella, an Italian banking group actively developing digital and payment services.
- BNP Paribas, France’s largest bank and one of Europe’s leading financial holdings.
- Danske Bank, Denmark’s systemically important bank with a strong presence across the Nordic countries.
- DekaBank, one of Germany’s largest financial institutions, specializing in asset management and investment products.
- DZ Bank, one of Germany’s leading banking groups, bringing together over 700 cooperative banks.
- ING, a Dutch international banking group.
- KBC, a Belgian financial group operating in banking and insurance.
- Raiffeisen Bank International, an Austrian banking group with an extensive network across Central and Eastern Europe.
- SEB (Skandinaviska Enskilda Banken), one of Sweden’s largest banks, focused on corporate and institutional clients.
- UniCredit, an Italian banking group with a strong presence across Europe.
- BBVA, Spain’s second-largest bank that joined the consortium in February 2026 after abandoning plans to develop its own euro stablecoin.
According to the consortium’s roadmap, by the time of its commercial launch in H2 2026, the stablecoin is expected to be available to users on a number of European and international platforms. Jan Sell, CEO of Qivalis and ex-Head of Coinbase Germany, stated that the project’s priority is to create a regulated EU-based alternative to dollar-pegged stablecoins. In his view, the asset is primarily aimed at international trade and real-time B2B settlements.
In H1 2026, the consortium plans to conclude several commercial agreements, including arrangements with reserve custodian banks. The token’s reserves will be backed on a 1:1 basis. At least 40% of assets will be held in bank deposits, while the remainder will be invested in high-quality debt instruments, mainly short-term eurozone government bonds diversified across countries to reduce concentration risk. Funds will be held within a group of highly rated credit institutions, and token holders will be granted 24/7 redemption rights.
The Qivalis initiative is unfolding against the backdrop of the EU’s broader strategy to strengthen payment sovereignty. The European Central Bank is actively advancing the digital euro (CBDC) project, while the banking sector is simultaneously developing a pan-European platform for tokenized assets and calling for reduced dependence on U.S. payment systems.
