- Stablecoin project Qivalis brings together the first ten big European banks with the objective of going live in 2026.
- Qivalis plans Dutch EMI approval in an attempt to diversify from over reliance upon U.S. payment systems.
- The total market size for the Euro stablecoins is $670 million, and this is dominated by the EURC, which holds about $330 million.
Major European banks have established Qivalis, an Amsterdam-based joint venture planning to introduce a euro-denominated stablecoin by 2026. The initiative includes major institutions such as BNP Paribas, ING, and UniCredit, reflecting rising interest in regulated digital assets across Europe’s traditional financial sector.
According to WuBlockchain’s report, the significance of this project has been underscored by the confirmation of the involvement of BNP Paribas in this project, given the effort of the conventional financial sector in entering the blockchain-secured asset sector. The project’s platform is based in Amsterdam. The group plans to develop a regulated digital token.
Qivalis Seeks Regulatory Approval
Qivalis has already initiated the licensing process by applying for an Electronic Money Institution permit from the Dutch central bank. This step is necessary in ensuring the business complies with Europe’s updated requirements in terms of regulatory compliance, in addition to laying the foundation for the issuing of digital euros.
If the licence is granted, Qivalis could become Europe’s first large-scale, bank-supported stablecoin issuer. The project aims to reduce dependence on U.S.-centric payment networks and challenge the dominance of dollar-based stablecoins. This shift seeks to promote a more balanced global payments ecosystem that aligns with the region’s strategic financial objectives.
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Stablecoin Framework Aligned with MiCA-Compliant Innovation
The project has appointed Jan-Oliver Sell as the CEO. The individual recently worked at Coinbase Germany. His responsibilities include the formation of a blockchain-native payment system compliant with MiCA regulatory requirements and providing secure and seamless transaction routes for European companies.
The overall market of $300 billion has a small category in the form of euro stablecoins. The overall supply of euro tokens stands close to $670 million. The valuation level of Société Générale’s EURCV stands at $62 million. However, Circle’s EURC leads this list with $330 million. Qivalis plans to increase this market with bank-level support.
With strong financial backing and cross-border networks, the banks participating in this project are confident that this project can hasten the process of embracing digital currencies in Europe. Qivalis is currently working out the governance model and should receive approval from regulatory authorities before rolling out. Europe’s digital transaction sector may be transformed through this project.
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