Ten major European banks, including BNP Paribas, have joined forces within Qivalis to launch a euro-backed stablecoin in the second half of 2026, with the aim of making it a systemic payment infrastructure at the EU level by 2027.
Qivalis: an Euro-based infrastructure for the era of on-chain payments
According to Jan-Oliver Sell, CEO of Qivalis, a native euro stablecoin is not just a matter of convenience. It is a question of monetary sovereignty in a world where payments and digital asset markets are shifting towards blockchain rails. The goal: to offer European businesses and consumers the ability to interact on-chain in their own currency, without relying on extraterritorial infrastructures dominated by the USD.
The project now awaits approval from the Dutch Central Bank (DNB), which will oversee the entity under MiCA requirements. If approved, Qivalis would have a significant advantage: being one of the first stablecoins fully compliant with the European regulatory framework.
Europe is structuring as the US moves quickly
The timing is significant. In the United States, the GENIUS Act, signed by Donald Trump in July, establishes a federal framework for payment stablecoins. American regulators are already preparing the initial texts for implementation. For the EU, the emergence of a robust and institutional euro stablecoin is becoming a strategic imperative.
Today, euro stablecoins account for less than 350 million euros, which is less than 1% of the global market. A dwarf compared to the dollar giants, even as crypto markets continue to dollarize. The Eurosystem is aware of this. According to a report released in November, the ECB considers the current risks to be limited… but notes that the rapid growth of the sector requires close monitoring.
The authorities remain cautious, Tether throws in the towel in Europe
DNB Governor Olaf Sleijpen, however, warns that as stablecoins gain adoption, they could complicate the transmission of monetary policy. This concern is heightened by the potentially massive volumes that could be attracted by a pan-European bank stablecoin.
The market is already shifting. Tether ceased repurchasing its EURt at the end of November, a year after announcing its withdrawal from the euro segment. The reason: the group found MiCA to be too restrictive.
Europe finally plays its stablecoin card
With Qivalis, ten European banks are attempting to take the lead. The creation of a compliant euro stablecoin, backed by regulated institutions, could profoundly rebalance the landscape by offering a credible European alternative to dollar stablecoins, provided it is appealing…
If the project garners regulator approval, 2026 could be the year that the euro truly enters the arena of on-chain payments. And 2027 could be the year Europe finally starts catching up.
