Qivalis, a group of European banks, is in talks with crypto exchanges about a potential euro stablecoin debut in the second half of 2026.
Five Días, a Spanish business journal, said on Monday that Qivalis, a group of large European banks, is in advanced talks with crypto exchanges and liquidity businesses to distribute its intended euro-pegged stablecoin.
Cinco Días said that the consortium, which includes institutions like ING, UniCredit, and the new addition of BBVA, is getting ready to introduce a stablecoin in the second half of 2026.
Currently, the consortium is in advanced talks with crypto exchanges, market makers, and liquidity providers. The banks that own shares will also be able to give out the stablecoin.
Consortium expansion and strategic outreach
The banks first announced the cooperation in September 2025, with nine members at the time. These were ING, UniCredit, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank, and Banca Sella.
Jan Sell, the CEO of Qivalis and previous head of Coinbase in Germany, indicated that the group is looking into working with both European and international platforms.
He said this fits with the project’s global mission and its goal of giving people a regulated, domestic alternative to US dollar-denominated stablecoins. It’s important for our main uses, like making real-time, cross-border business-to-business payments and trade around the world.
Source: Jan Sell
Regulatory alignment and reserve structure
The consortium is looking for partners who follow the rules set by the European Union, such as the Markets in Crypto-Assets Regulation (MiCA), which aims to create a regulatory framework for digital assets. Bit2Me, a MiCA-licensed exchange in Spain, is one of the platforms that have talked to one of the consortium’s banks.
Floris Lugt, the chief financial officer of Qivalis, is believed to have said during a presentation that the stablecoin’s reserves will be backed 1:1, with at least 40% in bank deposits.
He indicated that the rest would be kept in high-quality, short-term euro-area sovereign bonds to prevent putting too much money in one country. He also added that holders of the euro stablecoin will be able to redeem it at any time of day or night.