A consortium of 12 European banks plans to launch a euro stablecoin in the second half of 2026.

A consortium of 12 European banks, Qivalis, is advancing a plan for a euro-pegged stablecoin, aiming for commercialization in the second half of 2026. The consortium members include CaixaBank, BNP Paribas, ING, UniCredit, BBVA, Danske Bank, DZ Bank, SEB, KBC, Raiffeisen Bank International, DekaBank, and Banca Sella. The token will be pegged 1:1 to the euro, with at least 40% of its reserves held in bank deposits and the remainder invested in high-rated short-term eurozone government bonds. Qivalis CEO Jan Sell stated that the project aims to provide the EU with a regulated domestic alternative to the dominance of dollar-denominated stablecoins and for global scenarios such as cross-border payments. The consortium is currently in discussions with cryptocurrency exchanges, market makers, and liquidity providers to ensure the token is tradable on its launch day.