EU 12 Banks Join Forces to Launch "Euro Stablecoin" in the Second Half of the Year

Multiple major European banks have joined forces to establish the Qivalis stablecoin alliance, which is accelerating the launch of the “Euro Stablecoin.” According to Spain’s financial media outlet Cinco Días on Monday, Qivalis has engaged in in-depth discussions with cryptocurrency exchanges, market makers, and liquidity providers, preparing to launch this stablecoin in the second half of this year.

Qivalis is composed of 12 leading banks within the European Union, including ING, UniCredit, BNP Paribas, CaixaBank, and BBVA. CEO Jan Sell stated that one of the core goals of the alliance is to ensure that the stablecoin can circulate on “regulated trading platforms” from day one, to prevent liquidity shortages from affecting practical use.

Currently, the market is almost dominated by US dollar stablecoins. Qivalis said that the strategic goal of this project is to establish a viable “USD stablecoin alternative” for Europe, thereby strengthening the EU’s “strategic autonomy” in payments and settlements. This would allow EU businesses and consumers to use euros for blockchain-based payments and settlements without relying on traditional financial systems or non-European third-party service providers.

Headquartered in the Netherlands, the company is evaluating the possibility of listing on European and international trading platforms, aiming to position this stablecoin as a “regulated USD stablecoin alternative,” and targeting use cases such as cross-border real-time payments.

Spanish cryptocurrency exchange Bit2Me confirmed that it has indeed been in contact with one of the Qivalis member banks, but declined to comment on other trading platforms.

According to Cinco Días, Qivalis’s euro stablecoin will adopt a 1:1 full reserve mechanism, with at least 40% of reserves held in bank deposits and 60% invested in “high-quality, short-term eurozone sovereign bonds,” diversified across multiple EU countries.

Qivalis stated that reserve assets will be held in multiple high-credit financial institutions, and there will be a 24-hour redemption mechanism to ensure holders can always exchange stablecoins back to euros.