- Trending
- Comments
- Latest
Ten major European banks—including BNP Paribas, ING, and UniCredit—are launching a fully regulated euro stablecoin in 2026, marking one of the banking sector’s most ambitious moves yet into digital assets.
The consortium will operate through Qivalis, an Amsterdam-based entity seeking authorization from the Dutch Central Bank to issue a MiCA-compliant stablecoin backed 1:1 by euro reserves.
The launch comes as Tether retreats from the European market, having halted its own euro stablecoin amid regulatory challenges, and as U.S. regulators advance their own stablecoin framework under the GENIUS Act.
Ten major European banks—including BNP Paribas, CaixaBank, ING, UniCredit, SEB, and others—have joined forces to launch what they describe as a fully compliant Euro-Pegged Stablecoin. Managed by Qivalis, the stablecoin aims to meet all requirements of Europe’s Markets in Crypto-Assets (MiCA) framework, which becomes fully enforceable in 2026.
According to Qivalis, the oversight of the Dutch Central Bank will ensure the Euro-Pegged Stablecoin operates under the safeguards expected of an Electronic Money Institution. The organization emphasizes that the asset will be backed 1:1 by reserves, aligning with MiCA’s strict consumer-protection and transparency requirements.
Qivalis CEO Jan-Oliver Sell framed the project as a response to Europe’s need for competitive, sovereign digital infrastructure.
“A native euro stablecoin isn’t just about convenience — it’s about monetary autonomy in the digital age,” he said. Sell added that a regulated Euro-Pegged Stablecoin could enable businesses and consumers to transact seamlessly “in their own currency” across emerging on-chain financial services.
The consortium argues that Europe must keep pace with global stablecoin development—particularly as U.S. regulators implement the GENIUS Act, the country’s first federal framework for payment stablecoins. In this context, the Euro-Pegged Stablecoin is presented as a foundational tool for Europe’s financial independence.
While European regulators have generally supported efforts toward a regulated Euro-Pegged Stablecoin, they continue to express caution as the market expands. Dutch Central Bank Governor Olaf Sleijpen has warned the sector could pose challenges for monetary policy if left unchecked.
A recent European Central Bank (ECB) report similarly states that while risks remain low, the growth trajectory of stablecoins—including the new Euro-Pegged Stablecoin model proposed by Qivalis—requires close supervision.
The ECB’s adviser Jürgen Schaaf noted that euro-denominated stablecoins still represent less than 1% of global market share, with a total capitalization of under €350 million as of July. However, regulators acknowledge momentum is building as institutional players enter the field.
For policymakers, the forthcoming Euro-Pegged Stablecoin represents both an opportunity and a test case: an experiment in balancing innovation with Europe’s strict monetary governance obligations.
The launch timeline for the banks’ Euro-Pegged Stablecoin also coincides with a notable retreat by Tether. The issuer halted redemptions for its own euro-pegged stablecoin, EURt, in November—citing difficulties with MiCA’s compliance obligations. The company had already begun winding down support nearly a year earlier.
Tether’s exit further widens the opening for Qivalis, whose Euro-Pegged Stablecoin will likely become the first large-scale, institution-backed digital euro token fully aligned with MiCA.
Industry analysts suggest that the departure of a major player creates additional urgency, as the banking sector seeks to establish a trusted European alternative. For crypto investors watching regulatory trends, the contrast is stark: where private issuers step back, banks and regulators are stepping forward to shape the stablecoin future.
