A group of ten European banks has created a new company in Amsterdam that intends to issue a euro stablecoin. The group includes ING and UniCredit, with BNP Paribas joining later in the process. The aim is to offer a digital euro token that sits within a fully regulated financial framework. The move reflects a broader effort from the banking sector to build European control over digital payments and reduce reliance on dollar based stablecoins.
The company will operate under the name Qivalis. It is led by Jan Oliver Sell as chief executive. He previously worked in senior positions in the crypto industry. Floris Lugt from ING will serve as chief financial officer. Howard Davies, a well known figure in financial regulation and former chair of a major UK bank, will act as chair of the board. Qivalis plans to launch its euro stablecoin in the second half of 2026, subject to approval of an Electronic Money Institution licence from the Dutch central bank.
Why this announcement matters
Dollar stablecoins dominate global digital payments and crypto trading. The euro plays a much smaller role. A regulated, bank issued euro token could change the balance, at least within Europe. It gives banks a way to participate directly in digital asset infrastructure rather than watching that space develop around them.
The project is positioned as a payments tool. The stablecoin is meant to support cross border transactions, settlement processes, and faster transfers. The first use cases may still come from the crypto trading environment, since market participants there already have established behaviour around stablecoins. The long term goal is broader adoption across financial services.
The regulatory landscape
The timing places Qivalis inside a complex regulatory moment. European rules for digital assets and stablecoins have tightened in recent years. Any bank backed stablecoin will face detailed expectations around liquidity, reserves, transparency, redemption, and operational resilience.
There is also the backdrop of the digital euro project. The European Central Bank has been exploring a central bank digital currency. If both products reach the market, Europe could end up with a public sector digital euro alongside a private sector stablecoin. That would raise strategic questions about overlap, consumer adoption, and technical interoperability. Banks will need to explain clearly how Qivalis differs from a potential digital euro and how it fits into existing payment systems.
What happens next
The main milestone is the licence application. Without authorisation from the Dutch central bank, the stablecoin cannot launch. The banks will also need to build supporting infrastructure for issuance and redemption. How they design these rails will influence adoption. Trust will play a central role. Stablecoin users expect clarity on reserves, operational reliability, and the ability to redeem tokens at face value at any time.
Key takeaways for fintech startups
- A regulated euro stablecoin could create new payment and settlement options for European fintechs.
- Any product built on top of such a stablecoin will need strong compliance alignment with European digital asset rules.
- Startups should monitor how banks design access, interoperability, and redemption. These details affect product strategy.
- If euro stablecoin demand grows, it may create room for new services around cross border transactions and treasury optimisation.
If you want support analysing how a bank issued euro stablecoin might shape your fintech strategy or product roadmap, Your Fintech Story can help you plan your next steps.
