A ten-bank cabal has decided to conjure up Qivalis, a euro‑pegged stablecoin steered by Jan‑Oliver Sell, once the CEO of Coinbase Germany, to give dollar‑based tokens a run for their money and maybe restore a sliver of European payment autonomy from the second half of 2026.
- BNP Paribas, ING, UniCredit, KBC, Caixabank, Danske Bank, SEB, DekaBank, Banca Sella, and RBI have formed an Amsterdam‑based Qivalis, hiring 45-50 staff to crunch numbers while Jan‑Oliver Sell acts as CEO and Howard Davies sits in the chair like a very official paperweight.
- The euro‑pegged stablecoin will first dip its toes into crypto trading with near‑instant, low‑fee settlement, before wandering into broader payment uses once it secures an EMI license from the Dutch central bank.
- With only a handful of euro stablecoins currently pinging about (SG‑FORGE at roughly €64m), Qivalis pitches itself as an ECB‑aligned, European‑led alternative amid regulatory worries that private tokens could siphon deposits and confuse monetary policy.
A consortium of 10 European banks has summoned a company called Qivalis to launch a euro‑pegged stablecoin, according to an announcement from the group. The aim is to provide a calm, European alternative to the loud and brash U.S. dollar‑dominated digital payment systems.
European Union stablecoin infrastructure deepens
The participating banks include BNP Paribas, ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International. BNP Paribas joined the consortium after the initial announcement, apparently because walking into meetings with three different lanyards is tutorial enough for one day.
The token is expected to launch in the second half of 2026, pending regulatory approval and licensing, the consortium stated with the nonchalant confidence of a cat who has just discovered a new cardboard box.
Jan-Oliver Sell, former CEO of Coinbase Germany, will serve as chief executive of Qivalis, with Howard Davies, former chair of NatWest, appointed as chair. The Amsterdam‑based firm plans to hire 45 to 50 employees over the next two years, with one‑third of positions already filled, according to the company-though which third remains a mystery that even the people hiring cannot quite explain.
The stablecoin will initially focus on cryptocurrency trading, offering near‑instant, low‑cost payments and settlements, with plans to expand use cases later, the consortium said, possibly after they’ve all finished their coffee and decided which color their spreadsheet should be.
The initiative comes as stablecoins have experienced rapid growth, particularly U.S. dollar‑backed tokens such as Tether. Euro‑pegged alternatives remain relatively scarce in the market. Societe Generale’s SG‑FORGE currently has €64 million in circulation, according to available data, which is basically a small village in crypto terms.
Regulators, including the European Central Bank, have raised concerns that private stablecoins could divert funds from regulated banking institutions and affect monetary policy. Qivalis is seeking an Electronic Money Institution license from the Dutch central bank and has engaged with the ECB, which reportedly supports a European‑led solution to ensure strategic autonomy in payments, whatever that means behind closed doors and conference rooms.
A separate group of banks in Europe and the United States is also exploring stablecoin issuance, reflecting growing institutional interest in digital currencies, according to industry reports.
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2026-01-26 12:32