Which banks plan a euro stablecoin?

TLDR

Several major European banks have formed a consortium called Qivalis to issue a euro?pegged stablecoin, targeting a launch in the second half of 2026, pending regulatory approval Qivalis overview.

1. Members include ING, UniCredit, BNP Paribas, CaixaBank, Danske Bank, SEB, Raiffeisen Bank International, KBC, Banca Sella, and DekaBank member list.
2. The plan requires an Electronic Money Institution license from the Dutch central bank and MiCA compliance before an H2 2026 rollout licensing timeline.

Deep Dive

1. The Ten Banks

The banks plan to issue a euro stablecoin through Qivalis, an Amsterdam?based entity formed to meet EU standards and to reduce reliance on dollar?backed tokens.

1. The reported members are ING, UniCredit, BNP Paribas, CaixaBank, Danske Bank, SEB, Raiffeisen Bank International, KBC, Banca Sella, and DekaBank, with BNP Paribas joining the initial group after the first announcement member list.
2. The stated goal is to provide an EU?native, regulated instrument for on?chain payments and digital asset settlement, positioning a bank?backed euro alternative alongside dominant USD stablecoins Qivalis overview.

2. Timing And Compliance

The consortium targets H2 2026 for launch, contingent on an EMI license from De Nederlandsche Bank and full MiCA compliance.

1. Leaders say the license process could take six to nine months, with the stablecoin planned for early in the second half of 2026 if approvals are secured licensing timeline.
2. Context: euro stablecoins are small today. Circles EURC leads the segment and Socit Gnrales EURCV has modest scale compared with USD tokens, highlighting room for a larger euro instrument if banks execute market context.

Conclusion

A ten?bank EU consortium is pushing a regulated, MiCA?compliant euro stablecoin via Qivalis, with H2 2026 as the working launch window. The key variables are license approval and execution; if successful, this could bring an institutionally backed euro token into a market still dominated by USD?based stablecoins.