Qivalis, a consortium of major European banks, is in advanced talks with crypto exchanges and liquidity firms to distribute its planned euro-pegged stablecoin, Spanish business newspaper Cinco Días reported.
The group — which includes banks such as ING, UniCredit and the recent addition of BBVA — is targeting a launch in the second half of 2026. The consortium is reportedly holding advanced discussions with crypto exchanges, market makers and liquidity providers, while the shareholder banks themselves will also be able to distribute the stablecoin.
The project was first announced in September 2025 with nine initial members, including ING, UniCredit, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank and Banca Sella. BBVA joined later as the 12th member in early February.
Jan Sell, Qivalis CEO and former head of Coinbase in Germany, said the consortium is weighing partnerships with both European and international platforms to support its global vision and to offer a regulated, domestic alternative to U.S. dollar–denominated stablecoins. He emphasized the importance of such reach for core use cases like real-time, cross-border business-to-business payments and global trade.
Qivalis is seeking partners that comply with European Union regulatory frameworks, including the Markets in Crypto-Assets Regulation (MiCA). According to the report, Spanish MiCA-licensed exchange Bit2Me has held talks with one of the consortium’s banks.
Qivalis chief financial officer Floris Lugt said the stablecoin’s reserves will be backed 1:1, with at least 40% held in bank deposits. The remainder is expected to be invested in high-quality, short-term sovereign bonds from a variety of euro-area countries to avoid concentration risk. Lugt also said the euro stablecoin will support 24/7 redemption for token holders.
This reporting is based on Cinco Días coverage and related public statements by Qivalis representatives. Readers should consult the original sources for further details.
