Euro Stablecoin Plan Grows Stronger with BNP and ING Leading Collaborative Efforts

Highlights:

• BNP Paribas is set to join a group of European banking institutions pushing for the advancement of the Euro stablecoin plan.
• These European banks also want to establish a new company called Qivalis to compete with other stablecoin issuers. 
•  Qivalis said it is making efforts to obtain an EMI license from the Dutch central bank.

A group of ten leading European banks, including ING, UniCredit, and BNP Paribas, has partnered to establish a new company that will launch a euro-based stablecoin in the second half of 2026. The new company will be called Qivalis. It will be based in Amsterdam, aiming to offer Europeans a strong digital payment option, reducing heavy reliance on US-backed stablecoins and payment companies.

Qivalis’ Chief Executive Officer (CEO) will be Jan-Oliver Sell. He was a former CEO of Coinbase’s Germany business and has also worked with Binance. In addition, Howard Davies, the former head of NatWest, will be the new company’s chair. Qivalis plans to hire 45–50 staff within the next 18 to 24 months. Sell said they have already filled about one-third of those roles.

Sell explained that the name “Qivalis” was chosen because it sounds like trust and quality. Also, it is simple to pronounce in many languages. Before now, nine banks, including ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, CaixaBank, and Raiffeisen Bank International, supported the stablecoin plan. However, BNP Paribas became the latest banking institution to join the collaborative efforts, according to an official notice issued by the bank on December 2.

According to Reuters, a group of 10 European banks including ING, UniCredit and BNP Paribas has formed a new company, Qivalis, to launch a euro-denominated stablecoin in the second half of 2026, aiming to counter the U.S. dominance in digital payments. Qivalis is applying for an…

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European Banks Aim to Compete Globally

Several banks across Europe feel pressured to respond to the rapid expansion of stablecoins and other cryptocurrencies. These digital assets have become strong competitors to the conventional banking system. In the United States, many top financial firms are preparing to launch dollar-backed stablecoins as the Trump administration pushes for clearer regulations.

Tether remains the world’s largest stablecoin issuer with roughly $185 billion worth of tokens in circulation. In contrast, interest in Euro-based stablecoins has remained very low. For example, Societe Generale’s crypto arm launched an Euro-backed stablecoin in 2023. However, it has only around €64 million worth of the tokens in circulation.

Qivalis Initiates EMI Licensing Steps as Euro Stablecoin Plan Advances

In a statement, Qivalis mentioned that its stablecoin will allow rapid and low-cost payments, including settlements. Chair Howard Davies believes that the token’s initial use will likely be for cryptocurrency trading rather than everyday payments. Meanwhile, Qivalis is applying for an Electronic Money Institution (EMI) licence from the Dutch central bank.

The group, including heavyweights ING, UniCredit and BNP Paribas, have formed a consortium to launch a euro-pegged stablecoin, in a move they hope will counter U.S. dominance in digital payments.https://t.co/w4s8fWkxff

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European regulators remain worried that stablecoins could pull money out of the conventional banking system. European Central Bank (ECB) President Christine Lagarde stated that private stablecoins could affect financial stability, including monetary policies. Meanwhile, Floris Lugt, ING’s digital assets lead, who will become Qivalis’ Chief Financial Officer (CFO), said the group has been in ongoing talks with the ECB.

He added:

“Our impression from them is that they are very supportive and that’s because one important policy objective is to achieve strategic autonomy in European payments, and they are quite concerned about stablecoins, in particular U.S. dollar stablecoins.”

In November, Olaf Sleijpen, a member of the ECB Governing Council and President of De Nederlandsche Bank, warned that the rapid expansion of dollar-linked tokens could push European policy makers to review their approach to financial stress. He highlighted the growing dependence on US-backed stablecoins for global transfers and trading, warning that the sector could expand beyond expectations. “If stablecoins in the US keep growing at this pace, they will become systemically relevant at some point,” Sleijpen added.