10 EU Banks Unite to Launch Euro Stablecoin by 2026
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10 EU Banks Unite to Launch Euro Stablecoin by 2026
Ten major European banks formed a consortium to launch a MiCA-compliant euro stablecoin by mid-2026, addressing concerns over dollar token dominance in the $300 billion market.
European Banking Consortium to Launch Euro-Backed Stablecoin by 2026
Ten leading European banks have joined forces to launch a MiCA-compliant euro stablecoin by mid-2026, marking a decisive effort to challenge U.S. dollar dominance in the $300+ billion global stablecoin market .
BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, SEB, Raiffeisen Bank International, Banca Sella, KBC, and DekaBank have established a new Amsterdam-based entity, Qivalis , to develop the digital payment instrument.
Currently, dollar-backed tokens account for 99.58% of the market , while euro-pegged alternatives remain marginal at just $649 million in circulation (DefiLlama).
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Leadership and Oversight
Qivalis has assembled a seasoned leadership team to guide the project through regulatory approval and commercial rollout:
- Jan-Oliver Sell (CEO): Former Managing Director at Coinbase Germany, who secured BaFin’s first crypto custody license.
- Floris Lugt (CFO): Former head of Digital Assets Wholesale Banking at ING.
- Sir Howard Davies (Supervisory Board Chair): Former Chairman of the UK Financial Services Authority and RBS.
All appointments remain subject to regulatory approval. The consortium has already applied for an electronic money institution license with the Dutch Central Bank.
> “The launch of a euro-denominated stablecoin, backed by a consortium of European banks, represents a watershed moment for European digital commerce and financial innovation,” said Sell, highlighting its role in strengthening monetary autonomy.
The consortium remains open to additional banks joining the initiative.
---
Rising Concerns Over Dollar Dependence
The project follows mounting warnings from European regulators about systemic risks posed by dollar-backed stablecoins:
- Olaf Sleijpen , Dutch central bank governor, cautioned that rapid growth could force the ECB to adjust monetary policy if mass sell-offs of U.S. Treasuries occur.
- The European Systemic Risk Board (ESRB) , chaired by Christine Lagarde , flagged vulnerabilities in multi-issuer models and recommended banning structures that expose EU reserves to offshore liabilities.
- Pierre Gramegna , Managing Director of the European Stability Mechanism, stressed that Europe must reduce reliance on dollar-denominated tokens.
Lagarde compared the risks to past banking crises triggered by liquidity mismatches and inadequate reserves.
---
Enhancing European Payment Infrastructure
The euro stablecoin aims to deliver:
- 24/7 cross-border payments
- Programmable transactions
- Improved supply chain management
- Efficient digital asset settlements
> “We believe this development requires an industry-wide approach, and it’s imperative that banks adopt the same standards,” said Lugt.
The initiative promises near-instant, low-cost settlement while maintaining full MiCA compliance.
---
Dual Path: Stablecoin + Digital Euro
Alongside private-sector innovation, the ECB is advancing its digital euro project , with consensus on customer holding limits seen as a breakthrough toward a potential 2029 launch .
- Piero Cipollone , ECB Executive Board member, suggested mid-2029 as a realistic timeline.
- The European Parliament is expected to adopt a legislative framework by May 2026, with member states aiming for agreement by year-end.
---
Outlook
Europe is pursuing a dual strategy :
- Private-sector stablecoin development led by Qivalis.
- Public-sector digital euro initiatives.
Together, these efforts aim to modernize payment infrastructure, strengthen monetary autonomy, and reduce reliance on U.S.-dominated systems and private payment giants like Visa and PayPal .
Whatever is being said in this subforum is not financial advice. Always do your own research before investing in cryptocurrency.
Cryptocurrency investments carry risk. Prices can fluctuate rapidly, and past performance is not indicative of future results.
European Banking Consortium to Launch Euro-Backed Stablecoin by 2026
Ten leading European banks have joined forces to launch a MiCA-compliant euro stablecoin by mid-2026, marking a decisive effort to challenge U.S. dollar dominance in the $300+ billion global stablecoin market .
BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, SEB, Raiffeisen Bank International, Banca Sella, KBC, and DekaBank have established a new Amsterdam-based entity, Qivalis , to develop the digital payment instrument.
Currently, dollar-backed tokens account for 99.58% of the market , while euro-pegged alternatives remain marginal at just $649 million in circulation (DefiLlama).
---
Leadership and Oversight
Qivalis has assembled a seasoned leadership team to guide the project through regulatory approval and commercial rollout:
- Jan-Oliver Sell (CEO): Former Managing Director at Coinbase Germany, who secured BaFin’s first crypto custody license.
- Floris Lugt (CFO): Former head of Digital Assets Wholesale Banking at ING.
- Sir Howard Davies (Supervisory Board Chair): Former Chairman of the UK Financial Services Authority and RBS.
All appointments remain subject to regulatory approval. The consortium has already applied for an electronic money institution license with the Dutch Central Bank.
> “The launch of a euro-denominated stablecoin, backed by a consortium of European banks, represents a watershed moment for European digital commerce and financial innovation,” said Sell, highlighting its role in strengthening monetary autonomy.
The consortium remains open to additional banks joining the initiative.
---
Rising Concerns Over Dollar Dependence
The project follows mounting warnings from European regulators about systemic risks posed by dollar-backed stablecoins:
- Olaf Sleijpen , Dutch central bank governor, cautioned that rapid growth could force the ECB to adjust monetary policy if mass sell-offs of U.S. Treasuries occur.
- The European Systemic Risk Board (ESRB) , chaired by Christine Lagarde , flagged vulnerabilities in multi-issuer models and recommended banning structures that expose EU reserves to offshore liabilities.
- Pierre Gramegna , Managing Director of the European Stability Mechanism, stressed that Europe must reduce reliance on dollar-denominated tokens.
Lagarde compared the risks to past banking crises triggered by liquidity mismatches and inadequate reserves.
---
Enhancing European Payment Infrastructure
The euro stablecoin aims to deliver:
- 24/7 cross-border payments
- Programmable transactions
- Improved supply chain management
- Efficient digital asset settlements
> “We believe this development requires an industry-wide approach, and it’s imperative that banks adopt the same standards,” said Lugt.
The initiative promises near-instant, low-cost settlement while maintaining full MiCA compliance.
---
Dual Path: Stablecoin + Digital Euro
Alongside private-sector innovation, the ECB is advancing its digital euro project , with consensus on customer holding limits seen as a breakthrough toward a potential 2029 launch .
- Piero Cipollone , ECB Executive Board member, suggested mid-2029 as a realistic timeline.
- The European Parliament is expected to adopt a legislative framework by May 2026, with member states aiming for agreement by year-end.
---
Outlook
Europe is pursuing a dual strategy :
- Private-sector stablecoin development led by Qivalis.
- Public-sector digital euro initiatives.
Together, these efforts aim to modernize payment infrastructure, strengthen monetary autonomy, and reduce reliance on U.S.-dominated systems and private payment giants like Visa and PayPal .
Whatever is being said in this subforum is not financial advice. Always do your own research before investing in cryptocurrency.
Cryptocurrency investments carry risk. Prices can fluctuate rapidly, and past performance is not indicative of future results.
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