EU Banks Advance Talks with Exchanges as 2026 Stablecoin Debut Approaches

Highlights:

• EU banks are advancing talks to launch a euro-based stablecoin in the second half of this year.
• The stablecoin will facilitate cross-border transfers and reduce dependence on US-backed stablecoins.
• 12 banks, including CaixaBank, Banca Sella, BNP Paribas, and BBVA, have joined the consortium.

A group of large European banks is pushing to launch a unified euro-backed stablecoin later this year. CincoDias, an European-based news outlet, reported on March 2 that Qivalis, a Netherlands-based company formed by 12 major banks, is leading the effort to launch the stablecoin. The European banking consortium hopes to create a regulated euro stablecoin that can compete with the many dollar-backed stablecoins currently dominating the crypto and finance space. 

1️⃣ A massive consortium of European banks is moving to reclaim the stablecoin market from U.S. dominance.

As of March 2026, over 12 major institutions have unified under the Qivalis venture to launch a MiCA-compliant Euro stablecoin. 🧵👇#Qivalis #EuroStablecoin pic.twitter.com/hV6O7s1wPz

— Daniel Ehis💫 (@ehizzo61) March 2, 2026

Statistics show that 99% of existing stablecoins are linked to the US dollar. This has brought the US certain economic benefits, especially as stablecoins are gradually becoming a major option for cross-border payments. European banks have identified this gap and started working on a unique euro stablecoin. However, many back-and-forths, stemming from unsupportive banking firms and other political factors, have continued to delay the stablecoin launch. 

Since the project was announced, banking institutions have been joining, highlighting strong interest within the European banking sector. For context, the consortium currently comprises 12 major banks. They include CaixaBank, ING, KBC, Raiffeisen Bank International, SEB, UniCredit, Banca Sella, BNP Paribas, Danske Bank, DekaBank, DZ BANK, and BBVA. 

Banco Bilbao Vizcaya Argentaria S.A. (BBVA) recently joined the group after dropping earlier plans to launch its own euro stablecoin. The bank noted that partnering with like-minded firms allows for greater scale and better services for customers, instead of creating separate competing products. 

BBVA joins Qivalis banking consortium
With Spanish bank @bbva joining, Europe’s bank-backed euro stablecoin initiative continues to expand, with a launch scheduled H2 2026.
Europe is building its own on-chain payment infrastructure. Qivalis brings together leading banks to create… pic.twitter.com/rJ4zsQqR3g

— qivalis (@qivaliseu) February 4, 2026

Qivalis Initiates Discussions with Relevant Companies to Drive its Stablecoin Adoption

Qivalis has set a timeline for the stablecoin launch. According to the banking firm, the euro-based token will launch around mid-2026. The banking firm added that the first half of 2026 will be focused on preparations, which include finalising the technology for the launch and signing agreements with partners to help distribute the token. Qivalis Chief Executive Officer (CEO) Jan Sell said the stablecoin aims to provide a regulated and domestic alternative to dollar-based stablecoins in the European Union. 

According to the CEO, the vision for the stablecoin is far beyond Europe, as the token will be listed on both European and international cryptocurrency platforms. To ensure that the stablecoin is widely distributed, Qivalis has opened discussions with crypto exchanges, market makers, and liquidity providers. Moreover, Spanish Bit2Me confirmed that it has held discussions with one of the participating banks. The idea is that the stablecoin will be available to as many businesses and investors as soon as it launches.

EU Banks to Prioritize Compliance and Safety as Talks Advance

The consortium clearly stated that it will only work with partners that meet strict regulatory standards, including compliance with the EU’s Markets in Crypto-Assets (MiCA) framework. Liquidity and security standards are also key factors that the EU banks will consider before choosing partners. The stablecoin will be fully backed 1:1 by reserves. At least 40% of those reserves will be invested in high-quality, short-term government bonds from Eurozone countries. The consortium hopes to reduce concentration risks with the spread. 

According to Reuters, a group of 10 European banks including ING, UniCredit and BNP Paribas has formed a new company, Qivalis, to launch a euro-denominated stablecoin in the second half of 2026, aiming to counter the U.S. dominance in digital payments. Qivalis is applying for an…

— Wu Blockchain (@WuBlockchain) December 2, 2025

Reserves will also be kept across several highly rated credit institutions. The consortium stated that the diversification aims to protect holders while ensuring 24/7 redemptions. This allows users to convert the token back to euros at any time. While these EU banks continue to work on the stablecoin launch, banks in the private sector are advancing plans to launch a pan-European instant transfer system, similar to Spain’s Bizium. The goal is to reduce reliance on US payment giants like Visa and Mastercard.