Twelve European Banks Back Euro Stablecoin
According to Cointelegraph, the Qivalis banking consortium is in active talks with crypto exchanges to secure its distribution channels ahead of a planned euro stablecoin launch in the second half of 2026. The consortium's twelve member banks hold significant weight in European finance: BNP Paribas, UniCredit, ING, BBVA, CaixaBank, Raiffeisen Bank International, DZ BANK, DekaBank, KBC, Banca Sella — as well as the Nordic banks Danske Bank and SEB.
BBVA became the latest member to join the group in February 2026. The CEO is Jan-Oliver Sell, formerly employed at Coinbase Germany.
Regulatory Backbone: MiCAR Sets the Standard
The Qivalis stablecoin is intended to operate within the framework of the EU's Markets in Crypto-Assets Regulation (MiCAR), with the Dutch central bank as the supervisory authority. Under MiCAR, a euro-pegged stablecoin is classified as an e-money token (EMT), and the regulation imposes strict requirements on issuers.
Among the most important requirements are one-to-one reserve backing in liquid assets, that at least 30 percent of reserves are held in EU banks, and that token holders shall at all times have the right to redemption at par value. Issuers must also publish a detailed whitepaper document and have robust governance systems in place.
A Market Dominated by the US Dollar
The rationale behind the Qivalis initiative is clear when looking at market figures. US stablecoins — led by Tether's USDT and Circle's USDC — together control over 90 percent of a global market worth around 200 billion dollars. Euro-denominated stablecoins had a combined market capitalization of less than 350 million euros as of November 2025, according to available market data.
This gap is one of the reasons why European regulators and financial institutions have stepped up efforts on euro-based alternatives, and MiCAR is explicitly designed to limit the proliferation of non-European stablecoins within the EU if they pass certain usage thresholds.
Nordic Relevance: Danske Bank and SEB Among the Founders
For Norwegian and Nordic crypto users and investors, it is worth noting that two Nordic financial institutions — Sweden's SEB and Denmark's Danske Bank — are among the consortium's founders. This means that any future euro stablecoin services from these banks could be channeled through the Qivalis infrastructure.
No Norwegian banks have yet been reported as participants in the consortium.
Challenges Remain
It is important to emphasize that the Qivalis project is still in the preparatory phase. Talks with crypto exchanges are ongoing, according to Cointelegraph, and it has not been confirmed which exchanges are potential partners. The MiCAR regulation also imposes requirements that experts describe as challenging to comply with in practice — especially for stablecoins seeking broad distribution across EU jurisdictions.
Analysts have pointed out that the EU's strict reserve requirements and redemption rights, while protecting consumers, could make it harder for European players to compete with established US stablecoins that benefit from massive network effects and deep liquidity.
If Qivalis succeeds with its launch within the planned timeframe, it will nevertheless mark one of the most concrete attempts by the European banking sector to challenge US dominance in the stablecoin market.
