Qivalis is an Amsterdam-based company created by European banks to issue a regulated euro stablecoin: a token worth one euro, redeemable at face value, for payments and settlement on public blockchains.
It was launched in September 2025 by nine banks including ING, UniCredit, CaixaBank, Danske Bank and KBC. It has since grown to 37 banks across 15 countries, making it the largest bank-backed stablecoin effort in Europe. The CEO is Jan-Oliver Sell.
Who is behind Qivalis
After the founding group, BNP Paribas, DZ Bank and BBVA joined, followed in May 2026 by 25 more banks including ABN AMRO, Rabobank, Intesa Sanpaolo and Nordea. The members share the goal of giving Europe a euro-denominated alternative to dollar stablecoins, which make up more than 99% of the market.
Some members, including BBVA and Rabobank, also sit in a separate 21-institution consortium led by U.S. and global banks that plans a dollar stablecoin in the first half of 2027, with a euro version as its next priority.
How it will work
- Issuer: Qivalis, authorised as an electronic money institution by De Nederlandsche Bank and supervised by it
- Format: an e-money token (EMT) under MiCA, redeemable at par, with no interest paid to holders
- Blockchain: public Ethereum, using an ERC-20F token standard with built-in compliance and identity controls
- Infrastructure: Fireblocks for tokenisation and custody
- Distribution: through banks, exchanges, payment providers and market infrastructures rather than directly to consumers
Licence and launch timeline
De Nederlandsche Bank registered Qivalis as an electronic money institution on October 13, 2026, and the company announced it the next day. Before issuing any tokens, Qivalis must still publish a MiCA white paper describing holder rights, the technology and the risks. It says issuance will start "within the next months". Spanish press reports have pointed to November 2026, a date Qivalis has not confirmed.
The ticker, initial supply and exchange listings have not been disclosed.
Why it matters
Euro stablecoins total only about $860 million, roughly 0.3% of the stablecoin market, led by Circle's EURC. A token backed by dozens of Europe's largest banks could change that quickly if members use it for client payments and settlement.
It also lands in the middle of a policy debate. The ECB prefers a digital euro, and in September 2026 the European System of Central Banks asked to drop MiCA's rule that issuers keep 30% to 60% of reserves in bank deposits. For an overview of every euro token, see our guide to euro stablecoins.
