A consortium of 12 major European banks, including ING, UniCredit, CaixaBank, BBVA, BNP Paribas and others, is developing a MiCA-compliant euro-denominated stablecoin named Qivalis, aiming to challenge dollar-dominated tokens.

The group is advancing plans to onboard liquidity from day one by engaging crypto exchanges, market makers and liquidity providers to ensure robust liquidity.

Targeting a launch in the second half of 2026, Qivalis will pursue distribution partnerships with crypto exchanges, market makers, liquidity providers and the banks’ own networks.

The stablecoin will offer 24/7 redemption for holders, with the banks leveraging their distribution capabilities alongside external partners.

Qivalis will maintain a 1:1 reserve backing, with at least 40% in bank deposits and the remainder in high-quality short-term euro-area government bonds to diversify risk.

Reserves and peg are designed to support a euro-denominated 1:1 stablecoin with full backing and continuous redemption access.

Regulatory alignment with MiCA is a priority, with talks including MiCA-licensed platforms to ensure compliance, licensing, reserve transparency and EU oversight.

Led by Jan Sell, former Coinbase Germany head, the project positions Qivalis as a regulated EU alternative to USD stablecoins, with ambitions for global use in cross-border real-time payments.

The initiative seeks both European and international partnerships to enable a regulated, domestic alternative to US-dollar stablecoins for real-time cross-border B2B payments and trade.

The euro-stablecoin aims to support euro-denominated blockchain payments and settlements while advancing EU strategic autonomy in payments.

Early discussions are ongoing with exchanges, market makers and liquidity providers, with Spanish exchange Bit2Me among participants and the banks’ channels planned for rollout.

BBVA joined the initiative to leverage scale and interoperability benefits, reinforcing the consortium’s compositional strength.