Qivalis: the European banks' euro stablecoin
Qivalis was launched in September 2025 by nine banks including ING, UniCredit and CaixaBank. It now counts 37 banks from 15 countries, among them BNP Paribas, BBVA, DZ Bank, ABN AMRO, Rabobank, Intesa Sanpaolo and Nordea. De Nederlandsche Bank authorised it as an electronic money institution on October 13, 2026.
The token will run on public Ethereum, with compliance controls built into the contract and Fireblocks providing custody infrastructure. Before issuing, Qivalis still has to publish its MiCA white paper; it plans to launch "within the next months" and distribute through banks, exchanges and payment providers rather than directly to consumers.
A second bank consortium, starting with dollars
On September 1, 2026, 21 institutions, including Bank of America, Citi, Goldman Sachs, Deutsche Bank, Santander, BBVA, Commerzbank, Crédit Agricole, Rabobank and UBS, committed to create a company to issue a dollar stablecoin in the first half of 2027, with a euro version as the next priority. Some banks, such as BBVA and Rabobank, sit in both groups. See which companies and banks already have a stablecoin.
How MiCA regulates euro stablecoins
- Euro stablecoins are electronic money tokens (EMTs), issued only by banks or licensed e-money institutions.
- Holders can redeem at face value at any time, and issuers cannot pay interest.
- Issuers must keep at least 30% of reserves in bank deposits, or 60% for significant tokens.
That deposit rule is now contested. In its September 22, 2026 response to the European Commission's MiCA review, the European System of Central Banks asked to replace it with minimum shares of reserves maturing within one and five working days, arguing that stablecoin deposits make banks' funding less stable. It also wants the interest ban extended to staking, lending and indirect rewards, a debate that mirrors the U.S. fight over stablecoin rewards.
Euro stablecoins vs the digital euro
The ECB has said stablecoins are not the right way to strengthen the euro's international role and favors a digital euro: central bank money for individuals, distributed by banks and payment providers, free for basic use and capped per person. The European Parliament's ECON committee adopted its position in June 2026 and negotiations with member states are under way. The ECB plans a 12-month pilot from the second half of 2027 and aims to be ready to issue in 2029, if the regulation is adopted by the end of 2026.
| Euro stablecoin | Digital euro | |
|---|---|---|
| Issuer | Private company or bank | European Central Bank |
| Status | Live (EURC, EURCV, EURe...) | Not before 2029 |
| Runs on | Public blockchains | Eurosystem infrastructure |
| Holding limit | None | Capped per person |
| Interest | Banned under MiCA | None |
For dollar stablecoins and the U.S. framework, see the GENIUS Act. For banks that prefer tokenizing deposits instead, see tokenized deposits. To spend euro stablecoins, compare the best stablecoin cards.
