“From banks to blockchain’s throne, Europe declares the euro will stand on its own.”Europe is making a strong move in the digital finance sector. In order to create a regulated stablecoin backed by the euro, ten major banks, including ING, UniCredit, BNP Paribas, SEB, CaixaBank, Danske Bank, and Raiffeisen, have formed a new firm in Amsterdam called qivalis.
The purpose is clear – lessen Europe’s dependence on US-dominated digital dollar systems like USDT and USDC, which now control a market worth over $261 billion.
Jan-Oliver Sell, a former Coinbase Germany executive, has been appointed CEO of Qivalis, while Floris Lugt, the head of ING digital assets, will serve as CFO.
Former NatWest chair Howard Davies would lead the board, signalling strong institutional monitoring.
The Dutch central bank will grant the business an Electronic Money Institution (EMI) licence. It is anticipated that the clearance procedure will take six to nine months.
If successful, Qivalis will debut its euro stablecoin in the second half of 2026, offering businesses and consumers a credible European alternative.
This move comes as the United States accelerates its own stablecoin expansion under the GENIUS Act, pushing dollar-backed token issuance to enhance US financial dominance abroad.
Europe now wants to defend its monetary sector, decrease risk, and provide competition to stablecoin champions Tether and Circle.
The approach also corresponds with regulatory talks in Sweden, where the central bank recently cautioned that widespread stablecoin adoption could boost borrowing costs and strain traditional banks.
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