Catenaa, Tuesday, March 03, 2026- A group of 12 major European banks is moving toward a 2026 launch of a euro-backed stablecoin.
This marks one of the region’s largest private efforts to counter the dominance of US dollar tokens in digital payments.
The initiative, known as Qivalis, includes BNP Paribas, ING, UniCredit and BBVA, along with several other European lenders.
The consortium is targeting a commercial rollout in the second half of 2026.
The proposed token would be pegged one-to-one with the euro. At least 40% of reserves would be held in bank deposits, with the rest in short-term eurozone government bonds. The structure is intended to maintain full backing and allow round-the-clock redemption.
The project is designed to operate under the European Union’s Markets in Crypto-Assets Regulation, known as MiCA.
The framework sets licensing, capital and reserve requirements for stablecoin issuers across the bloc.
Consortium members plan to distribute the token through their own banking channels. Talks are also underway with cryptocurrency exchanges and liquidity providers to secure listings at launch.
Euro-backed stablecoins account for a small share of the global market, where more than 95% of supply is tied to the US dollar.
European banks are seeking to expand use in cross-border business payments, where traditional systems can be slower and more expensive.
The push comes as financial institutions across Europe and the UK test blockchain-based settlement tools amid rising institutional interest in stablecoins.
