A consortium of major European banks, led by Qivalis, is reportedly in advanced discussions with crypto exchanges and liquidity firms for the distribution of its planned euro-pegged stablecoin. The group, which includes prominent institutions like ING, UniCredit, and BBVA, aims to launch the stablecoin in the latter half of 2026.
Qivalis CEO Jan Sell stated the consortium is considering both European and international partners to provide a regulated, domestic alternative to U.S. dollar-denominated stablecoins, crucial for facilitating real-time, cross-border business-to-business payments and global trade. The stablecoin's reserves will be fully backed 1:1, with at least 40% in bank deposits and the remainder in high-quality, short-term sovereign bonds from euro-area countries. The stablecoin will support 24/7 redemption.