A consortium of major European banks operating under the Qivalis name is advancing plans to issue a euro-pegged stablecoin and is in advanced discussions with crypto exchanges, market makers and liquidity providers about distribution, Spanish business paper Cinco Días reported.
The group — whose members include ING, UniCredit and the recent addition of BBVA — aims to roll out the token in the second half of 2026. Shareholder banks will be able to distribute the stablecoin themselves, while Qivalis is exploring partnerships with third-party platforms to broaden access.
Qivalis was first unveiled in September 2025 with nine founding banks: ING, UniCredit, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank and Banca Sella. BBVA joined later, becoming the consortium’s 12th member in early February.
Jan Sell, Qivalis CEO and former head of Coinbase in Germany, said the consortium is considering both European and international platform partners to support a global footprint and to provide a regulated, euro-based alternative to U.S. dollar–pegged stablecoins. He highlighted use cases such as real-time cross-border business-to-business payments and trade finance as key motivations for broad reach.
Qivalis is seeking partners that meet European regulatory requirements, including the Markets in Crypto-Assets Regulation (MiCA). Cinco Días reported that Spanish MiCA-licensed exchange Bit2Me has held talks with one of the consortium’s member banks.
According to CFO Floris Lugt, the stablecoin will be fully backed on a 1:1 basis. At least 40% of reserves will be held in bank deposits, with the remaining assets invested in high-quality, short-term sovereign bonds from a range of euro-area countries to limit concentration risk. Lugt also said token holders will be able to redeem 24/7.
This summary is based on reporting by Cinco Días and public statements from Qivalis representatives; readers should consult the original sources for further detail.