The alliance of 12 major European banks in the Qivalis initiative is accelerating plans to launch a 1:1 euro-pegged stablecoin, with a commercial launch targeted for the second half of 2026.
The alliance includes leading financial institutions such as BNP Paribas, ING, UniCredit, BBVA, and other major banks in Northern and Central Europe. This is considered one of the largest collaborative efforts in the European private sector to compete with the dominance of USD-pegged stablecoins.
According to the plan, the token will be fully collateralized, with at least 40% of reserves held in bank deposits and the remaining invested in short-term, high-credit-rated eurozone government bonds. This structure aims to reduce concentration risk while ensuring 24/7 convertibility for holders.
Qivalis aims to develop a stablecoin solution compliant with the EU’s MiCA regulatory framework, targeting applications such as real-time cross-border corporate payments. With over 95% of the global stablecoin supply currently pegged to USD, European banks expect this new product to expand the role of the euro in the digital asset and digital commerce ecosystems worldwide.
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