BNP Paribas has joined a consortium of nine major European banks to form Qivalis, an Amsterdam‑domiciled joint venture that will issue a euro‑denominated stablecoin in the second half of 2026.
The move expands the initiative, originally announced in September, and signals growing momentum among Europe’s largest financial institutions to embed blockchain into regulated payments and settlement.
The consortium — comprising Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB and UniCredit — is working under the supervision of the Dutch Central Bank (DNB) to secure authorisation as an Electronic Money Institution (EMI). With BNP Paribas now on board, the project gains additional scale and credibility as it seeks to establish a MiCAR‑compliant euro stablecoin.
Qivalis has appointed an experienced leadership team, subject to regulatory approval. Jan‑Oliver Sell, formerly Managing Director of Coinbase Germany, will serve as Chief Executive Officer. He is joined by Floris Lugt as Chief Financial Officer, bringing digital asset expertise from ING. Oversight will be provided by Sir Howard Davies, former Chair of the Financial Services Authority and RBS, who has been named Chairman of the Supervisory Board.
Sell described the launch as a watershed moment: “The launch of a euro‑denominated stablecoin, backed by a consortium of European banks, represents a watershed moment for European digital commerce and financial innovation. A native euro stablecoin isn’t just about convenience; it’s about monetary autonomy in the digital age.”
Davies emphasised the strategic importance: “This infrastructure is essential if Europe wants to compete globally in the digital economy while preserving its economic independence. We’re not just building payment rails; we’re ensuring that European values around data protection, financial stability and regulatory compliance are embedded into the future of the next level of digital money.”
The stablecoin will be designed to provide near‑instant, low‑cost payments and settlements, enabling 24/7 cross‑border transactions, programmable payments, and improved supply chain and digital asset settlement.
With BNP Paribas joining, the consortium remains open to additional banks, reinforcing its mission to drive innovation across payments, settlement and tokenised assets. Preparatory work in 2026 will focus on regulatory dialogue and technical readiness ahead of the planned launch.
