Qivalis, a consortium of major European banks, is reportedly in advanced negotiations with crypto exchanges and liquidity providers to support distribution of its planned euro-pegged stablecoin, according to Spanish business daily Cinco Días.
The group — which includes lenders such as ING, UniCredit and newly joined BBVA — is targeting a launch in the second half of 2026. In addition to external partners, member banks will also be able to distribute the stablecoin directly.
The development follows the consortium’s initial announcement in September 2025, when nine founding institutions signed on, including ING, UniCredit, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank and Banca Sella.
European and international partnerships under review
Jan Sell, CEO of Qivalis and former head of Coinbase in Germany, said the consortium is exploring collaborations with both European and global platforms.
He noted that this approach reflects the project’s broader ambition to provide a regulated, Europe-based alternative to US dollar-denominated stablecoins while maintaining international reach.
“It’s essential for our core use cases, such as enabling real-time, cross-border business-to-business payments and supporting global trade,” Jan Sell said.
The consortium is prioritizing partners that comply with European Union regulations, including the bloc’s Markets in Crypto-Assets framework. According to Cinco Días, Bit2Me — a MiCA-licensed exchange in Spain — is among the platforms that have held discussions with one of the member banks.
During a presentation, Qivalis chief financial officer Floris Lugt said the stablecoin will be fully backed on a 1:1 basis, with at least 40% of reserves held in bank deposits.
The remaining reserves are expected to be invested in high-quality, short-term sovereign bonds issued by various euro-area countries to avoid overexposure to any single jurisdiction. Lugt also noted that the euro-pegged stablecoin will offer 24/7 redemption for token holders.
