The stablecoin boom is sweeping the crypto market. It’s no surprise, then, that even traditional banks, which initially criticized the value of cryptocurrencies and blockchain technology, are now looking to launch their own stablecoins. In this case, according to the Spanish newspaper El País, a consortium of twelve European banks is in advanced talks with cryptocurrency exchanges, market makers, and liquidity providers to launch a euro-pegged stablecoin, planned for the second half of 2026. The initiative, organized under the Qivalis consortium, aims to combine bank-grade reserves, MiCA-aligned licenses, and 24/7 redemption to offer a regulated euro-denominated alternative to the dominant US dollar-pegged currencies.
Clearly, the values of decentralization and independence of the original cryptocurrencies are not considered in this case. Governments and traditional financial institutions would retain control and record all user transactions.
Project Details
Qivalis was initially announced in September 2025 and has since grown to include a dozen banks, including ING, UniCredit, CaixaBank, BNP Paribas, and BBVA, among others.
The stablecoin is designed to be backed 1:1 by underlying assets, with a minimum of 40% of reserves in bank deposits and the remainder invested primarily in high-quality, short-term eurozone sovereign bonds. The planned design also includes 24/7 continuous redemption for token holders and governance that meets MiCA’s capital, operational, and liability requirements.
Bank distribution alone would reach corporate and retail customers within existing networks. The consortium is explicitly seeking partnerships with exchanges to reach digital-native users and on-chain platforms, accelerate secondary market liquidity, and reduce slippage in higher-volume trades. Robust liquidity on the platform is essential to maintain 1:1 parity and enable institutional inflows and outflows of the token.
“Qivalis, a specialized entity, has been established in the Netherlands and has submitted an application for an electronic money license to the Dutch Central Bank,” states the BNP Paribas press release, summarizing the project’s regulatory step.
For institutional investors, the backing of so many banking entities may be attractive amidst growing demand for crypto products. However, for traditional crypto holders and users, the question of privacy is paramount. Undoubtedly, a stablecoin issued by banks and controlled by government entities across Europe will be subject to constant scrutiny, and therefore, users’ financial freedom would be seriously compromised.
