Qivalis, a new Amsterdam-based company formed by ten major European banks, plans to launch a fully regulated euro stablecoin in the second half of 2026, according to a consortium announcement on 2 December. The venture is seeking authorisation from the Dutch Central Bank to operate as an Electronic Money Institution under the EU Markets in Crypto-Assets Regulation, MiCAR.
The initiative originally brought together nine banks, including CaixaBank, ING, KBC, SEB and UniCredit, who first revealed plans to create a MiCAR-compliant issuer on 25 September 2025. BNP Paribas joined the consortium on 1 December, adding further weight to one of the most significant private-sector digital-euro projects yet announced.
The new entity will be led by CEO Jan-Oliver Sell, who previously served as Managing Director of Coinbase Germany, where he secured the country’s first crypto-custody licence from BaFin. He also held roles at Binance and spent nearly two decades in senior asset-management positions in London. Floris Lugt, former Lead Digital Assets at ING Wholesale Banking, will serve as CFO. Sir Howard Davies, former Chair of the UK’s Financial Services Authority and RBS, will head Qivalis’ Supervisory Board. All appointments remain subject to regulatory approval.
A bid to anchor Europe’s digital-money future
In a statement, Sell said the euro-denominated stablecoin represents “a watershed moment for European digital commerce and financial innovation,” adding that it will support monetary autonomy in the digital age. He stressed that the project aims to give European businesses and consumers access to trusted, euro-denominated on-chain payments and digital-asset markets.
The stablecoin is designed to offer 24/7 cross-border payments, programmable settlement, and improved efficiency in supply-chain and digital-asset transactions. The consortium believes these functions will allow the coin to serve as a trusted European standard within the digital ecosystem, complementing broader industry work on tokenised assets and blockchain-based settlement.
Davies said Europe needs this type of infrastructure if it wants to remain competitive globally, arguing that the initiative embeds European values around data protection, financial stability and compliance into the next generation of digital money.
The consortium remains open to additional banks joining the initiative as preparatory work continues through 2026. Key tasks include regulatory engagement, operational readiness and technical development ahead of the targeted launch window.
If successful, Qivalis would become one of Europe’s first major bank-backed issuers of a regulated euro stablecoin, offering a private-sector complement to ongoing work on the European Central Bank’s digital euro.