A group of 10 European banks, including ING and UniCredit, has created Qivalis to launch a euro-linked stablecoin in 2026, countering the dominance of the USA.

A consortium made up of 10 European banks, including ING, UniCredit, and BNP Paribas, has established the company Qivalis with the aim of launching a stable digital currency (stablecoin) linked to the euro, planned for the second half of 2026. Jan-Oliver Sell, former head of the German division of Coinbase, will lead the company, and Howard Davies, former chairman of NatWest, will serve as chairman. Qivalis will hire between 45 and 50 people in the next 18-24 months.

European banks are facing increased competition from stablecoins and cryptocurrencies, which are seen as direct threats. While some financial firms in the US are working on their own dollar-linked stablecoins, Qivalis aims to obtain an Electronic Money Institution (EMI) license from the Central Bank of the Netherlands, with the support of the ECB to promote strategic autonomy in payments in Europe. Stable digital currencies, which allow for fast transfers of large amounts without banking intermediaries, have gained popularity in recent years, and Qivalis aims to become a European champion in this field.