This article was first published on Deythere.
A new chapter is being written for digital finance in Europe. Just recently, a consortium of ten top European banks established a special purpose company named Qivalis with the intent to introduce a euro-pegged stablecoin in the second half of 2026.
The proposed stablecoin, which would have to comply with the EU’s regulatory framework for crypto assets proposed under MiCA, is being pitched as a European-made alternative to dollar-pegged stablecoins that are otherwise dominated by U.S entities.
The Banks and Governance: Who’s Behind the Initiative
The euro stablecoin project is being led by ten major European banks. It was established by the founding members ING, UniCredit, Banca Sella, KBC, Danske Bank, DekaBank, SEB and CaixaBank, most recently joined by Raiffeisen Bank International and has now been expanded to ten banks with the inclusion of BNP Paribas.
These institutions founded Qivalis in Amsterdam. The business will attempt to become an e-money firm regulated by De Nederlandsche Bank (DNB).
The leadership team for Qivalis was also announced: Jan-Oliver Sell, formerly with Coinbase Germany will be the CEO; Floris Lugt from ING as CFO; and Howard Davies (former chair at NatWest) has been named Chair of the consortium’s board.
More banks could still join, according to statements from the consortium, indicating that rather than being just a niche product, this euro stablecoin may become part of a broad European standard.
What the Euro Stablecoin Hopes to Accomplish
The designers of the proposed euro-pegged stablecoin have several intended goals.
It’s supposed to provide near-instant, low-cost payments and settlements throughout the euro area and beyond.
Using blockchain, or the DLT (digital ledger technology), the stablecoin is being promoted as a solution for 24/7 global money transfers, programmable payments and more efficient settlement processes for both digital and traditional financial assets.
It seeks to offer an alternative source of funding in Europe to dollar-backed stablecoins (such as USDT or USDC), which now dominate the global crypto markets. By naming the stablecoin in euros and anchoring it to European institutions, the project capitalizes on a swelling appetite for financial sovereignty and less dependency on U.S.-dominated infrastructure.
This euro stablecoin might act as a bridge between legacy banking and blockchain-native financial services. Banks participating are themselves saying the stablecoin could facilitate wallet and custody services, blazing a potential trail for regulated, bank-grade tokenized assets platforms in Europe.
Finally, because the stablecoin is expected to be compliant with MiCA rules and overseen by DNB as an e-money institution, it has the potential to set up a transparent, regulated framework for issuing digital assets.
Timeline, Regulation and the Next Steps
As per the current planning, issuance of the stablecoin is planned for H2/2026, unless regulators do not permit it. The partnership wants to obtain an electronic-money institution (EMI) license from DNB.
The stablecoin will be regulated in line with the EU’s MiCA legislation, which became effective in 2024 and it covers requirements for asset-backed tokens, transparency, custody, reserve backing, auditability and consumer protection.
The selection of Amsterdam and actual oversight by the DNB is no accident. The Netherlands is considered to be a cryptocurrency-friendly environment, something which was reflected in legislation targeted at regulating digital assets, while DNB has overseen e-money and payment services for quite some time.
Beyond the licensing, Qivalis is looking to bring in 45-50 staff over the next 18-24 months to build out operations, custody services, wallet infrastructure and meet compliance and governance requirements.
While the project is still in its early stages, this push is probably the most concerted effort to date by traditional financial institutions to bring a regulated euro stablecoin en masse.
Conclusion
The initiative to create a stablecoin pegged to the euro by 2026 is an ambitious step for European banks to close traditional finance and digital currencies.
With the newly established Qivalis launched by ten of the largest banks as well as operating within MiCA rules backed by DNB supervision, it is not a stretch to say that Europe may soon have a regulated euro-denominated stablecoin built for payments, custody, and institutional-grade settlement.
If successful, Euro Stablecoin 2026 might change the dynamics of global stablecoin issuance, increase the digital role of the euro, and provide a compliant, transparent alternative to dollar-backed tokens.
And as the project goes from planning to implementation, all eyes will be on regulation benchmarks, adoption metrics and infrastructure lift-off.
Glossary
Stablecoin – A digital asset tied to a fiat currency (like euro) at 1:1, aimed for value stability.
Euro-Pegged Stablecoin – A stablecoin pegged to the Euro’s value.
MiCA (Markets in Crypto-Assets Regulation) - proposed European laws for the regulation of crypto assets, including stablecoins and e-money tokens.
EMI license (Electronic Money Institution license) – A regulatory licence which allows the issuance of e-money, such as a stablecoin pegged to the euro, in accordance with EU law.
Custody – The secure holding of digital assets, often by regulated institutions as opposed to exchanges or private wallets.
Programmable payments - Payments powered by digital assets or blockchain technology that allow for automation, scheduling, or other smart-contract capabilities.
Frequently Asked Questions About Euro Stablecoin 2026
What is Euro Stablecoin 2026?
It’s a euro-denominated stablecoin that would be developed and released by Qivalis, an Amsterdam-headquartered startup that counts ten big-name European banks among its investors, with a launch slated for the second half of 2026.
Which banks are behind it?
The institutions that are getting involved in it are an alliance of ING, UniCredit, Banca Sella, and KBC, as well as Danske Bank, DekaBank, SEB, CaixaBank, Raiffeisen Bank International, and BNP Paribas.
How will it be regulated?
Qivalis will apply for an Electronic Money Institution (EMI) license from the Dutch Central Bank (DNB), and the stablecoin will meet the requirements of the EU’s MiCA regulation for crypto-assets.
What advantages is it meant to offer?
Near-instant and low-cost euro payments and settlements Cross-border transactions, Programmable payments, Settlement for euro-denominated digital assets A regulated alternative to U.S.-dollar stablecoins
References
Reuters
Crypto Briefing
ING
CNA
Todayonchain
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