Ten of Europe's leading financial institutions, including CaixaBankThey have taken a coordinated step to fully enter the world of regulated digital money. Through a new company called QivalisThe consortium has announced the launch of a euro-pegged stablecoin whose operational debut is planned for the second half of 2026.
The initiative was born with the intention of occupying a space that, according to its promoters, Europe had left in the hands of third parties: that of the dollar-dominated stablecoinsIn a global market where the vast majority of these tokens are pegged to the US dollar, this project aims to become a regulated and credible digital payments infrastructure built from within the European banking system itself.
Who is behind Qivalis and how is the consortium organized?
The project is structured through the European Banking Consortium Stablecoin, a banking consortium that brings together CaixaBank and nine other major banks in the region. Specifically, they are participating. Banca Sella, BNP Paribas, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB and UniCredit, all of them with a significant presence in various European markets.
Qivalis has been formally established as Amsterdam-based company (Netherlands), from where it will manage both obtaining the necessary authorizations and the commercial rollout of the future token. According to its managers, the choice of this location is due to its regulatory environment and coordination with the Central Bank of the Netherlands, the authority to which they will request the license to operate.
At the official presentation in Amsterdam, the consortium's leaders insisted that the structure is designed to be open to the entry of more entitiesThe finance department has explicitly invited other European banks to join the initiative, with the aim of consolidating a broad standard for euro payments. tecnologÃa blockchain.
The project also seeks to bring together two traditionally separate worldsThe two sectors are regulated banking and cryptocurrencies. In the first few months since its announcement, the focus has been on building the team and bridging the knowledge gap between the traditional financial sector and the crypto ecosystem, considered key to making the proposal viable on a large scale.
Leadership, governance, and regulatory expertise
The new company will have a senior management team with extensive experience in both financial markets and digital assets. Heading day-to-day operations will be Jan-Oliver Sellwho will serve as CEO. Sell has experience as general manager of Coinbase in Germanywhere he participated in obtaining the first cryptocurrency custody license granted by the German supervisory authority (BaFin), and has held positions of responsibility in platforms such as Binance and digital funding initiatives such as iFunded, in addition to almost two decades in senior positions in the City of London.
The chairmanship of the Supervisory Board rests with Sir Howard DaviesDavies, a well-known figure in the British regulatory sphere, was the first chairman of the Financial services authority Between 1997 and 2003, he directed the London School of Economics between 2003 and 2011 and presided over the Royal Bank of Scotland between 2015 and 2020. He has also served as deputy governor of Bank of England and CEO of the business association CBI, which brings to the project a strong regulatory and supervisory imprint.
With them, Floris Lugt He holds the position of Chief Financial Officer of Qivalis. From this position, he has explained that the consortium aims to create a neutral standard in the field of stablecoins in euros, leaving the development of higher value-added services on the basic token infrastructure in the hands of the participating entities.
The consortium's leaders have emphasized that Qivalis' governance is inspired by models already established in the United States, such as stablecoins. USDT or USDCbut adapted to the legal framework and the specific requirements of the European Union. The aim is to combine the speed and flexibility of the crypto world with the usual safeguards and controls in regulated banking.
License, schedule and compliance with MiCA regulations
Since its initial announcement in late September, the new company has focused on preparing the application for license as an Electronic Money Institution (EMI) before the Dutch regulator. As Jan-Oliver Sell explained, the aim is to submit this application in the coming weeks, with the expectation of obtaining regulatory approval within approximately [timeframe missing]. six to nine months, always subject to evaluation by the authorities.
Once that process is completed, Qivalis expects to have the infrastructure in place. technical and technological list The euro-pegged stablecoin is expected to launch in the first half of 2026. The timeline is therefore contingent on both regulatory requirements and the development of the associated payments and services ecosystem.
The project design has been aligned from the beginning with the Markets in Cryptoassets Regulation (MiCA) of the European Union, which began to be partially implemented in June 2024. This regulatory framework, a pioneering initiative internationally, imposes strict requirements on stablecoin issuers regarding reservations, transparency and user protection.
Among other aspects, MiCA requires maintaining full liquid reserves that back the value of the issued tokens, to clearly detail the composition of those backing assets and guarantee the right of reimbursement of the holders at par value. In addition, issuers are subject to the direct supervision of national financial authorities and, in certain cases, of European bodies.
Qivalis' promoters argue that this regulated environment, far from being an obstacle, is a central element for build trust with users and attract both individual customers and companies interested in using the digital euro in their daily operations and internal processes.
How will the stablecoin work and what role will the euro play?
The stablecoin that Qivalis will issue will be fully pegged to the euro at a 1 to 1 ratioThis means that each token in circulation must be backed by one euro in cash or equivalent assets of very high quality and liquidity. This model aims to minimize volatility and differentiate this type of cryptocurrency from other, more speculative digital currencies.
According to those in charge, the equivalence with the single currency will be maintained through a combination of cash deposits and financial assets of the highest quality and liquiditycomplemented by prudent risk management and high levels of liquidity. The idea is that the holders can convert your tokens into euros at any time, with no surprises in the exchange rate.
At the same time, the consortium emphasizes that this project should not be confused with the European Central Bank digital euroFloris Lugt has indicated that, based on the information available so far, the design of the future digital euro does not contemplate its direct link to the tecnologÃa blockchainTherefore, it would not be intended for use in "on-chain" payments as is planned for the Qivalis stablecoin.
The intention is that this new token will function as a infrastructure layer for payments and settlements in the crypto environment and on blockchain-based networks, coexisting with traditional payment systems and any future development of the official digital euro. In the words of its promoters, it would be about adding options within the same monetary space, rather than proposing an alternative to the central bank.
Qivalis management also emphasizes the objective of «create an ecosystem of trust» around the stablecoin, so that companies, financial institutions and individual users perceive this instrument as a natural extension of the European banking already knownbut adapted to new technologies.
Strategic objectives and European monetary autonomy
One of the most repeated messages by Qivalis's promoters is the need to Strengthening Europe's monetary autonomy in the field of crypto assets. Today, the global stablecoin market, valued at over 240.000 millones de eurosIt is dominated almost entirely by tokens referenced to the US dollar, with a weight close to 99% of total.
In contrast, euro-denominated stablecoins barely represent a very small market segmentwith a market capitalization of around 395 millones de eurosThis asymmetry, the proponents argue, has not only economic implications, but also geopolitical ones, reinforcing the role of the dollar as a reference currency even in the field of digital money.
Jan-Oliver Sell has defined this moment as "key to European digital trade and financial innovation"insisting that the project seeks to ensure that the euro maintains its relevance "in the digital age" and that Europe has a our own regulated alternative compared to the major dollar stablecoins.
For his part, Sir Howard Davies stressed that the European Union already has a robust regulation of crypto assets And that initiatives like Qivalis represent a concrete way to leverage that framework so that the continent can play a relevant role in the future of digital money. In his view, it is about aligning European values ​​and priorities with the evolution of new forms of payment.
Those in charge of the project see this as a «great opportunity"so that the region can stop depending almost exclusively on solutions issued from outside its jurisdiction and can build an infrastructure proprietary, interoperable and supervised for euro payments in advanced digital environments.
Planned applications, added services and the role of banks
Beyond the mere launch of a new token, the banking consortium envisions Qivalis as the foundation of a set of digital financial servicesAmong the planned applications are the near-instant international payments and low cost, available at any time of day and with final settlement in euros.
Another line mentioned as a priority is the liquidation of tokenized assetsThat is, the blockchain representation of traditional financial instruments, commodities, or other economic rights. The stablecoin would serve as stable reference asset to complete these operations with less friction and less dependence on other currencies.
The project also opens up to the universe of decentralized finance (DeFi) and the crypto markets in general, where a euro-denominated stablecoin backed by traditional banks could be used as collateral asset, means of payment, or unit of account across a multitude of protocols and platforms.
From the end user's point of view, the idea is that participating banks, and those that join in the future, will offer products and solutions built on Qivalis: digital wallets integrated into online bankingTools for business-to-business payments, integration with billing systems, or solutions for large corporations and SMEs that already operate with crypto assets.
The promoters admit that, as of today, Some citizens still view cryptocurrencies with suspicion.That is precisely why they are betting on well-known banking institutions to lend their brand and infrastructure to this stablecoin, with the intention of facilitating its understanding and adoption in the daily life of Europeanswhether in day-to-day payments or in more complex operations.
The launch of Qivalis is presented as a serious attempt to closing the gap between traditional banking and the crypto ecosystemThis would give the euro a stable and regulated presence in the digital world. If the regulatory deadlines are met and the interest of more entities and users materializes, this initiative could mark a turning point in how payments are made in Europe and in the role the euro plays within the growing universe of digital assets.
