TLDR
- Ten EU banks plan to introduce a euro-pegged stablecoin through a new entity named Qivalis.
- Qivalis aims to launch the euro-backed stablecoin in the second half of 2026 pending regulatory approval.
- BNP Paribas confirmed it will participate in the group’s stablecoin initiative.
- Qivalis stated that the stablecoin will follow the requirements of the EU MiCA regulatory framework.
- The Dutch Central Bank will oversee the authorization process for the new stablecoin issuer.
A coalition of ten EU-based banks will launch a euro-pegged stablecoin by late 2026, pending regulatory clearance. The banks have formed a new Amsterdam-based entity named Qivalis, which will oversee the issuance of the stablecoin. Qivalis confirmed the coin will comply with the EU’s Markets in Crypto-Assets (MiCA) framework for digital currencies.
Qivalis to Launch Euro-Pegged Stablecoin
BNP Paribas confirmed its participation in the Qivalis-led euro stablecoin initiative.
It joins nine other banks focused on digital payment solutions for European consumers and businesses. Qivalis aims to launch the stablecoin by the second half of 2026, pending MiCA-based approval.
Jan-Oliver Sell, CEO of Qivalis, stressed the importance of a regionally anchored solution.
“A native euro stablecoin isn’t just about convenience — it’s about monetary autonomy in the digital age,” Sell stated. He said the stablecoin would enable seamless onchain payments within the eurozone.
Qivalis will seek approval under MiCA guidelines to ensure legal and operational clarity across the EU. The euro-pegged stablecoin will be issued and maintained under oversight by the Dutch Central Bank. The new coin intends to help facilitate everyday digital transactions using the euro as a base currency.
Dutch Central Bank and ECB Signal Caution
Dutch Central Bank Governor Olaf Sleijpen has expressed concerns over monetary policy risks tied to stablecoins. He urged close supervision as the euro-pegged stablecoin market continues to evolve across the region. Sleijpen’s warning follows growing attention on stablecoin circulation across Europe.
The European Central Bank (ECB) published a report in November on the stablecoin sector. It said current euro stablecoins carry limited risk but still need careful regulatory oversight. The ECB emphasized ongoing surveillance due to rapid growth and evolving financial dynamics.
ECB adviser Jürgen Schaaf reported euro-denominated stablecoins remain a minor part of the global market. He estimated their total value below €350 million, or around $407 million as of July. This reflects less than one percent of all stablecoin circulation worldwide at that time.
Tether Withdraws EURt as EU Rules Tighten
Tether has officially ended redemptions for its euro-pegged coin EURT as of November 25. This comes after the company announced plans to wind down EURT in 2022 due to MiCA regulations. Tether cited increased compliance burdens as a driving factor behind the decision.
CEO Paolo Ardoino stated MiCA regulations introduced new legal and financial challenges for stablecoin issuers. He claimed these regulations posed risks to operations, prompting Tether’s early withdrawal of EURT. The decision leaves room for other stablecoin projects to enter the euro-backed digital market.
Qivalis seeks to fill this space with a fully regulated, compliant stablecoin option for the eurozone. Its launch timeline positions the stablecoin to emerge following full MiCA implementation in 2026. The euro stablecoin project remains subject to final regulatory review and licensing in the Netherlands.
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