Plans to introduce a euro-pegged stablecoin in the second half of 2026 are being advanced by a group of significant European banks operating under the name Qivalis.
BBVA, UniCredit, and ING are among the members. According to reports, the group is in advanced negotiations to distribute the token with cryptocurrency exchanges and liquidity providers.
The project’s goal, according to CEO Jan Sell, is to provide a regulated European substitute for stablecoins backed by the US dollar. At least 40% of the stablecoin will be kept in bank deposits, while the remaining portion will be stored in short-term government bonds issued by nations in the eurozone. The stablecoin will be completely backed 1:1.
The consortium is making sure that the Markets in Crypto-Assets (MiCA) regulation of the European Union is followed. Platforms such as Bit2Me have reportedly held discussions about potential partnerships.
The euro stablecoin is designed to support real-time cross-border business payments and global trade settlement, with 24/7 redemption for token holders. If successful, it could strengthen Europe’s role in the evolving digital asset ecosystem.
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