Qivalis, a consortium of European Union banks, is in advanced negotiations with cryptocurrency exchanges and liquidity providers as it gears up for the launch of a euro stablecoin later this year. According to a report by the Spanish business daily Cinco Días, the group, which includes major financial institutions such as ING, UniCredit, BNP Paribas, CaixaBank, and BBVA, is focused on ensuring that the stablecoin will be accessible on regulated trading platforms from its inception to guarantee sufficient liquidity.
Jan Sell, CEO of Qivalis, emphasized that this initiative seeks to provide a viable European alternative to the currently dominant U.S. stablecoin market. By launching a euro-pegged token, the consortium aims to enhance the EU”s strategic independence in payment systems, allowing both businesses and consumers within the bloc to conduct blockchain-based transactions without dependence on traditional financial systems or foreign providers.
The Netherlands-based initiative is exploring both European and international trading venues to position the stablecoin as a regulated counterpart to U.S. dollar-denominated tokens. It is also intended to serve as a mechanism for real-time cross-border corporate payments.
Notably, the Spanish exchange Bit2Me has confirmed its engagement with one of the banks in the consortium, while many other platforms opted not to comment on the matter. Qivalis has yet to respond to a request for confirmation from CoinDesk.
Details regarding the stablecoin”s reserve structure have also been revealed. The stablecoin will be fully backed on a 1:1 basis, with at least 40% of the reserves maintained in bank deposits. The remaining reserves will be allocated to high-quality, short-term sovereign bonds from euro-area countries, diversifying across the EU. These reserves will be held with multiple highly rated financial institutions, and the design includes provisions for 24/7 redemption for token holders.
The consortium is currently seeking approval from the Dutch central bank in accordance with the EU”s Markets in Crypto-Assets (MiCA) legislative framework, paving the way for its ambitious euro stablecoin project.
