Qivalis: 37 banks are building one euro stablecoin
ING, BNP Paribas, UniCredit and 34 other banks are building a single euro stablecoin from Amsterdam. The licence has been applied for and not yet granted.
Thirty-seven European banks — ING, BNP Paribas, UniCredit, CaixaBank, KBC, Rabobank, Nordea, Danske Bank and thirty others — are building a single euro stablecoin together. The joint venture is called Qivalis, it sits in Amsterdam, and it is aiming for the second half of 2026. The licence has been applied for and not yet granted; Qivalis says so itself, on its own website.
What Qivalis is
Qivalis B.V. is entered in the Dutch trade register under number 98235680 and has applied to De Nederlandsche Bank for authorisation as an electronic money institution. The goal, in their own words: a "fully regulated, 1:1-backed euro stablecoin" as the foundation for payments, settlement and digital assets.
It started in December 2025 with ten banks as shareholders: Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, UniCredit and BNP Paribas. In May 2026 another 25 joined. Today the consortium counts 37, from the Netherlands, Spain, France, Italy, Germany, Belgium, Sweden, Ireland, Poland and Greece among others.
What it is not
This is not a coin you will be buying on your exchange any time soon. Qivalis is aimed at payments between institutions: money that moves across borders 24/7, programmable payments, and the settlement of digital-asset transactions. ING Wholesale Banking's CTO describes it as enabling clients to "move value instantly, automate processes and operate seamlessly across borders".
For anyone buying crypto with euros, in all likelihood nothing changes this year. That is not a criticism of the project — it is what the project is.
The licence
Their own site puts it plainly: "Qivalis is not yet authorised and does not currently issue electronic money or provide payment services to the public." Not authorised, issues no electronic money, offers no payment services to the public.
That is exactly the sentence you look for in a press release and rarely find. A consortium of 37 banks writing down itself that it is not yet allowed to do anything is more honest than most of what gets published about stablecoins. It also means the target date — the second half of 2026, which is now — depends on a decision that sits with DNB, not with the banks.
Why now
The timing is no accident. MiCA cleared the field: dollar stablecoins without a European authorisation disappeared from Europe's exchanges, and what remained is a small market.
How small: the combined value of all euro stablecoins grew this year from $295.6 million to $673.9 million — roughly €259 million to €590 million. That is 128% growth, and at the same time a market you could move with a single mid-sized bank transfer.
That is where the logic sits. Thirty-seven banks do not enter a €590 million market to divide up €590 million. They enter it because whoever builds the first regulated euro rail decides what European digital money looks like — and because the alternative is that an American issuer builds that rail.
What it means for you
In the short term: nothing concrete. There is no token to buy and no date to put in your diary.
Longer term there is one thing that could change. Many trading pairs are denominated in dollars or in a dollar stablecoin, so anyone buying with euros crosses a currency boundary somewhere in the chain — and that crossing is rarely itemised on your statement. A liquid euro stablecoin removes that boundary. Whether it happens depends not on the announcement but on whether 37 banks together organise enough liquidity. That is an organisational question, not a technical one.
What you can do today: look at what you are paying now. The cost of a purchase ranges between platforms from 0.15% to over 1%, and that difference is larger than anything a stablecoin will ever save you. We checked every partner's rate at the European source; the comparison is here.
Frequently asked questions
Can I buy the Qivalis stablecoin yet?
No. Qivalis writes itself that it is not yet authorised and issues no electronic money.
Is this the digital euro?
No. The digital euro is a European Central Bank project. Qivalis is a private company owned by commercial banks that wants to issue a token under MiCA. Two different things, with different issuers and different rules.
Which banks are taking part?
Thirty-seven, with ten founders: Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, UniCredit and BNP Paribas. BBVA, Rabobank, Nordea and the National Bank of Greece joined later, among others.
When does it launch?
The banks name the second half of 2026, subject to approval by the supervisor. There is no firmer date.
Sources: Qivalis B.V. (qivalis.eu), its own website — trade register number 98235680, the DNB application and the "not yet authorised" status, read on 26 August 2026. CaixaBank news release of 2 December 2025 (ten shareholders, Amsterdam base, target of the second half of 2026). ING news release of 19 May 2026 (expansion to 37 banks, Geert Wijnhoven quote). Euro stablecoin market size: our own reporting of 31 July 2026. Last checked: 26 August 2026.
This is not investment advice. Crypto is risky and you can lose the money you put in.