Nine major European banks including ING, UniCredit, Danske Bank and CaixaBank are teaming up to launch a MiCA-compliant Euro stablecoin, aiming to set a trusted digital payment standard and offer a European alternative to the US-led stablecoin market.

Nine major European banks have formed a consortium to issue a MiCA-compliant euro stablecoin under a joint venture called Qivalis, positioning it as a regulated European alternative to the largely dollar-dominated stablecoin market. Early participants reported for the September 2025 announcement include ING, UniCredit, Danske Bank, CaixaBank, KBC, DekaBank, SEB, Banca Sella and Raiffeisen Bank International, with the token designed as a fully backed, euro-denominated instrument operating under the EU’s Markets in Crypto-Assets (MiCA) regulatory framework. The stablecoin is targeted primarily at institutional use cases such as cross‑border payments, on-chain settlement, treasury operations and tokenized asset markets, aiming to provide a “euro-native” settlement asset instead of relying on U.S. dollar stablecoins. Since the initial launch plan, the project has expanded significantly: Qivalis is incorporated in Amsterdam, intends to operate as an electronic money institution supervised by De Nederlandsche Bank, and has grown from the original nine to at least twelve core banking backers, including BBVA, BNP Paribas and DZ Bank, alongside more than two dozen additional participating banks across Europe. Fireblocks has been selected to provide tokenization, wallet and custody infrastructure, as well as compliance tooling, with the consortium targeting the second half of 2026 for launch, subject to regulatory approval. In strategic terms, the initiative reflects a wider push by European banks and policymakers to build trusted, regulated euro stablecoins that can serve as common digital payment and settlement rails in Europe, complementing or competing with private stablecoins like USDC/EURC and other bank-issued euro tokens under MiCA.

✨ AI-generated background, compiled from web sources — not editorial content.

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• Launch
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