European Banks Seek Partners for Launching Joint Stablecoin

Qivalis, a consortium of major European banks, is in advanced negotiations with crypto exchanges and liquidity firms regarding the distribution of its planned euro-pegged stablecoin, Spanish business newspaper Cinco Días reported on Monday.

The group, which includes banks such as ING, UniCredit, and the recent addition of BBVA, is moving towards launching the stablecoin in the second half of 2026, Cinco Días reported.

The news comes months after the banks first announced the consortium in September 2025 with nine initial members, including: ING, UniCredit, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank, and Banca Sella.

Qivalis is considering European and international partners

Jan Sell, CEO of Qivalis and former head of Coinbase in Germany, stated that the consortium is considering partnerships with European and international platforms.

This aligns with the project’s global vision and its priority to offer a regulated, domestic alternative to stablecoins denominated in US dollars, he noted.

– This is crucial for our core use cases, such as facilitating real-time cross-border payments between businesses and global trade – said Sell.

The consortium is seeking partners that comply with the regulatory frameworks of the European Union, including the Markets in Crypto-Assets Regulation (MiCA). According to the report, Bit2Me, a licensed MiCA exchange in Spain, is among the platforms that have been in talks with one of the consortium’s banks.

During the presentation, Qivalis’ Chief Financial Officer, Floris Lugt, reportedly stated that the reserves of the stablecoin would be backed at a 1:1 ratio, with at least 40 percent in bank deposits.

The remainder would be held in short-term, high-quality eurozone government bonds to avoid concentration risk in any single country, he said. He added that the euro stablecoin would support 24/7 redemption for token holders.