European banking consortium Qivalis is making significant strides towards introducing its highly anticipated Euro-backed stablecoin, aiming to bolster the EU’s strategic independence in the digital finance landscape.
According to a Monday report from Spanish financial media outlet Cinco Días, Qivalis is in advanced discussions with major cryptocurrency exchanges, market makers, and liquidity providers. The consortium is targeting a launch for its “Euro stablecoin” in the latter half of this year.
Composed of 12 leading EU financial institutions, including powerhouses like ING, UniCredit, BNP Paribas, CaixaBank, and BBVA, Qivalis is positioning its stablecoin as a robust, regulated alternative to the dominant USD-pegged digital assets. Qivalis CEO Jan Sell emphasized that a core objective is to ensure the stablecoin’s immediate liquidity and circulation on “regulated trading platforms” from day one, mitigating potential usability issues caused by insufficient liquidity.
The strategic ambition behind Qivalis’s initiative is to establish a viable “USD stablecoin alternative” for Europe. This move is designed to strengthen the EU’s “strategic autonomy” in payment and settlement domains, enabling European businesses and consumers to conduct blockchain-based transactions directly in Euros. This approach aims to reduce reliance on traditional financial systems or non-European third-party service providers.
The Dutch-headquartered entity is actively evaluating potential listings on both European and international trading platforms. Its strategy is to position the stablecoin as a “regulated USD stablecoin alternative,” particularly targeting high-value application scenarios such as real-time cross-border enterprise payments.
While most trading platforms have remained silent on the matter, Spanish cryptocurrency exchange Bit2Me has confirmed engagement with one of Qivalis’s member banks, signaling initial market interest.
Details revealed by Cinco Días indicate that the Qivalis Euro stablecoin will operate on a 1:1 full-reserve mechanism. The reserve structure is robust: at least 40% will be held as bank deposits, with the remaining 60% allocated to “high-quality, short-term Eurozone sovereign bonds,” diversified across multiple EU member states.
Qivalis has further committed that these reserve assets will be securely stored with multiple highly-rated financial institutions. A 24/7 redemption mechanism will also be in place, guaranteeing that holders can convert their stablecoins back to Euros at any time.
Crucially, Qivalis is currently in the process of applying to the Dutch Central Bank for the necessary issuance and operational licenses, ensuring full compliance with the EU’s landmark Markets in Crypto-Assets Regulation (MiCA).
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