European Banks Launch qivalis - Euro Stablecoin Company

A coalition of ten major European financial institutions has unveiled Qivalis, a newly established company headquartered in Amsterdam and created to introduce a euro-linked stablecoin. This move represents a significant step toward developing a homegrown, regulated digital currency solution at a time when U.S.-issued stablecoins dominate global usage. Qivalis aims to provide a secure, efficient, and widely usable digital payment option tailored to Europe’s regulatory and economic landscape.

The Banking Network Behind Qivalis

The group powering this venture brings together some of Europe’s most prominent banks: ING, UniCredit, CaixaBank, Banca Sella, KBC, Danske Bank, DekaBank, SEB, and Raiffeisen Bank International. Their ranks expanded further on 1 December 2025 with the addition of BNP Paribas, bringing the total number of participating banks to ten. This collective backing signals strong institutional confidence in the potential of a European stablecoin.

Strategic Leadership and Governance

Qivalis will be led by seasoned figures from the global financial and digital asset sectors. Jan-Oliver Sell, formerly with Coinbase Germany, takes on the role of Chief Executive Officer. Floris Lugt, who previously oversaw digital asset initiatives at ING, assumes the position of Chief Financial Officer. Overseeing the supervisory board is Howard Davies, the former Chair of NatWest, who brings decades of regulatory and governance experience.

Purpose and Benefits of the Qivalis Stablecoin

At the core of the initiative is the creation of a euro-backed stablecoin designed to maintain a 1:1 value with the euro and supported by fully regulated reserves. This digital asset is intended to enable fast, low-cost payments around the clock, supporting applications such as cross-border transactions, programmable financial operations, settlement of tokenized assets, and enhanced supply chain financing. Through these capabilities, Qivalis seeks to offer a dependable digital currency infrastructure that aligns with Europe’s regulatory principles.

Strengthening Europe’s Digital Financial Independence

By developing a stablecoin under European oversight, Qivalis aims to enhance the region’s control over its digital payment systems and decrease dependency on dollar-pegged stablecoins issued by U.S. companies. The project is positioned as a strategic effort to ensure that Europe has its own robust and interoperable digital currency alternative.

Regulatory Approval and Expected Rollout

To operate within Europe’s regulatory environment, Qivalis has applied for an Electronic Money Institution license from De Nederlandsche Bank. The company intends to comply fully with the rules outlined under the Markets in Crypto-Assets Regulation framework. Pending regulatory clearance, which is anticipated to take between six and nine months, Qivalis expects to introduce its euro stablecoin in the latter half of 2026.

“Europe has a unique opportunity to set the standard for regulated, secure, and interoperable digital money,” said Howard Davies, Chair of Qivalis’s supervisory board.

“This is not just about a new payment token — it’s about ensuring that European values of stability, privacy, and financial sovereignty are embedded in the future of money.”

Floris Lugt added: “By leveraging blockchain and 24/7 settlement capabilities, Qivalis can deliver an efficient payment infrastructure across Europe — from corporate supply-chain settlements to retail and cross-border transfers.”