European Banks Launch Qivalis to Issue Euro-Pegged Stablecoin

TheNewsCryptoОпубліковано о 2026-01-24Востаннє оновлено о 2026-01-24

The association of 10 European banks has made a firm known as Qivalis to roll out a euro-pegged stablecoin, as per an announcement from the group. This step focuses on offering an alternative to U.S. dollar-denominated digital payment systems.

The participating banks comprise BNP Paribas, ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank and Raiffeisen Bank International. BNP Paribas joined forces with the consortium after the original announcement, as per the group.

It is anticipated that the token will roll out in the second half of this year, pending regulatory approval and licensing, as per the consortium. An ex-CEO of Coinbase Germany, Jan-Oliver Sell, will act as chief executive of Qivalis, and Howard Davis, ex-chair of NatWest, got appointed as chair.

The Plans For Broadening

The company has planned to hire 45 to 50 employees in the upcoming two years, having 1/3rd of the positions filled so far, as per the company. In the beginning, the stablecoin will aim for cryptocurrency trading, providing near-instant, low-cost payments and settlements, and will have plans to widen use cases later, as per the consortium.

This step is followed by a quick surge, mainly in U.S. dollar-backed tokens like Tether. Euro-pegged alternatives are not unlimited in the market. Societe Generale’s SG-FORGE has 64 million euros in circulation in recent times, as per the available data.

Regulators such as the European Central Bank have elevated concerns that private stablecoins could redirect funds from regulated banking institutions and impact monetary policy.

Qivalis is looking for an Electronic Money Institution licence from the Dutch central bank and has worked with the ECB, which further supported a European-led solution to ensure strategic autonomy in payments, as per the sources close to the discussions.

Another group of banks in Europe and the US is also looking for stablecoin issuance, showing surged institutional interest in digital currencies, as per the industry reports.

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Пов'язані питання

QWhat is the name of the new firm established by the 10 European banks to issue a euro-pegged stablecoin?

AQivalis

QWhich major French bank joined the consortium after the original announcement?

ABNP Paribas

QWho has been appointed as the chief executive of Qivalis?

AJan-Oliver Sell, the ex-CEO of Coinbase Germany

QWhat type of license is Qivalis seeking from the Dutch central bank?

AAn Electronic Money Institution licence

QWhat is one of the primary initial use cases planned for the new stablecoin?

ACryptocurrency trading, providing near-instant, low-cost payments and settlements

Пов'язані матеріали

The Value Distribution of Stablecoins

**Summary: The Value Distribution of Stablecoins** The article argues that stablecoins are evolving from mere trading tools into broader channels for dollar access. It divides the stablecoin ecosystem into four layers to analyze how value is distributed: 1. **Issuance Layer:** Mints stablecoins, holds reserve assets, and captures the spread between reserve yield and user costs (e.g., Tether, Circle). This layer currently earns the largest profit margin. 2. **Infrastructure Layer:** Connects stablecoins to the traditional financial system, handling fiat on/off-ramps, banking integration, compliance (KYC/AML), and asset management (e.g., Bridge, BVNK). This is the "unglamorous" but critical work, building the essential bridges between crypto and real-world finance. 3. **Acquiring/Distribution Layer:** Integrates stablecoins into merchant systems, manages payment flows, and provides enterprise financial software (e.g., Stripe, Coinbase). They act as the access point for businesses. 4. **Application Layer:** The end-users and businesses that ultimately use stablecoins for payments, settlements, or as a store of value. They benefit from convenience but have little pricing power. The core thesis is that while the issuance layer currently dominates profits, the often-overlooked **infrastructure layer holds significant long-term potential**. The real challenge and barrier to mass adoption is not the on-chain transfer of stablecoins (which is simple), but the complex "last mile" integration into existing business workflows, banking systems, and regulatory frameworks across different countries. Companies in this layer are currently in a "land grab" phase, investing heavily to build networks, secure bank partnerships, and establish compliance pathways. While their position is currently pressured by the profitable issuers above and distribution platforms below, the article suggests that if stablecoins become a default financial rail for businesses, the infrastructure providers who have done the hard work of integration will ultimately gain strong pricing power and become entrenched, essential players.

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The Value Distribution of Stablecoins The article argues that stablecoins are evolving from a mere trading tool into a broad "dollar channel." It analyzes the industry's value chain through four layers: 1. **Issuance Layer (e.g., Tether, Circle):** The top layer that mints stablecoins, holds reserve assets, and captures the thickest interest rate spread. 2. **Infrastructure Layer (e.g., Bridge, BVNK):** Connects stablecoins to the traditional financial system, handling critical but complex "dirty work" like fiat on/off-ramps, banking integration, compliance (KYC/AML), and cross-border settlement. 3. **Acquiring/Distribution Layer (e.g., Stripe, Coinbase):** Embeds stablecoins into merchant systems, manages payment flows, and integrates with enterprise software. 4. **Application Layer:** End-users and businesses that ultimately use stablecoins for payments, settlement, or storing value. The author posits that while the issuance layer currently captures the most profit, the most overlooked and potentially critical layer is infrastructure. The core challenge for stablecoin adoption isn't the on-chain transfer (which is simple), but bridging the gap between blockchain and the real-world financial system. This involves solving practical problems for businesses: fiat conversion, reconciliation, tax handling, and user onboarding. Infrastructure companies are currently in a difficult "land-grab" phase—building networks, securing banking relationships, and achieving compliance country-by-country. They face pressure from both the profitable issuance layer above and distribution platforms below. However, the author suggests this layer is building a crucial moat. Once stablecoins become a default business rail, the infrastructure players who have done the hard work of integration may gain significant, durable value and pricing power.

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