A coalition of significant European financial institutions has established a new organization, aiming to introduce a euro-pegged stablecoin by 2026. This initiative, based in Amsterdam, aligns with the growing trend of digital currencies worldwide.
A New Player Joins the Euro Stablecoin Initiative
In recent months, nine major European banks came together to form a consortium focused on the creation of a euro-based stablecoin, a digital asset that will maintain its value relative to the euro (EUR).
Currently, the stablecoin market is primarily influenced by the US dollar (USD), with major currencies such as USDT and USDC comprising a significant portion of the market share. The consortium’s euro stablecoin aims to establish a credible alternative to these USD-dominated tokens.
The founding banks include industry leaders like ING, Banca Sella, KBC, and more. Recently, French bank BNP Paribas joined the lineup, marking a significant milestone for the project.
As the second largest banking institution in Europe and eighth globally, BNP Paribas brings invaluable resources and visibility to the venture. With assets exceeding $2.8 trillion, its addition strengthens the consortium considerably.
BNP Paribas holds a designation as a global systemically important bank (G-SIB), emphasizing its essential role in maintaining global financial stability. Compared to BNP, ING also falls into a similar category but is ranked slightly lower.
Originally, the banks announced the establishment of a new entity in the Netherlands to manage the euro stablecoin’s issuance. The new firm, named Qivalis, has officially been incorporated, as confirmed by CaixaBank.
Qivalis is currently working towards securing an electronic money institution license from the Dutch Central Bank, aiming to launch the proposed stablecoin by the latter half of 2026. This asset intends to comply with the Markets in Crypto Assets Regulation (MiCAR), providing a regulatory framework within the EU.
Jan-Oliver Sell has been selected as the CEO of Qivalis, having previously held positions at major platforms like Coinbase Germany and Binance. As he stated, “A native Euro stablecoin represents not just convenience; it embodies financial independence in a digital era.”
Caixabank has expressed its openness to welcoming additional banks to the consortium. Reports indicated that Citigroup, one of the largest financial institutions in the US, might join the collaboration, although official announcements have yet to confirm this detail.
Meanwhile, PayPal’s stablecoin, PYUSD, has shown remarkable growth this quarter, with analyses suggesting a substantial increase in its supply.
Recent reports highlight that PSYD’s supply surged from $1.2 billion in September to $3.8 billion currently, showcasing the growing interest in digital currencies.
Current Bitcoin Market Overview
As of now, Bitcoin is trading at approximately $92,800, reflecting a more than 7% increase over the past week.
