Ten Major EU Banks Unite to Launch Euro Stablecoin by Late 2026

A consortium of ten leading European banks plans to launch a new Markets in Crypto Assets (MiCA) compliant Euro-pegged stablecoin in the latter half of 2026 through a new entity authorised by the Dutch Central Bank.

On Tuesday, French banking giant BNP Paribas announced it will be joining the nine other previously announced members of the consortium, including the likes of ING, KBC, Banca Sella and Danske Bank. The new entity responsible for launching and running the stablecoin is known as Qivalis and is based in Amsterdam.

Former Managing Director of Coinbase Germany, Jan-Oliver Sell, has been appointed CEO of Qivalis, with Floris Lugt, former Lead Digital Assets Wholesale Banking at ING, appointed as Chief Financial Officer. Former Deputy Governor of the Bank of England, Sir Howard Davies, will act as the Chairman of the Supervisory Board.

Commenting on the motivation behind the launch of the new stablecoin, Sell explained that it’s an important strategic move for Europe, allowing the bloc to strengthen its monetary autonomy in the face of growing US dollar stablecoin dominance.

The launch of a euro-denominated stablecoin, backed by a consortium of European Banks, represents a watershed moment for European digital commerce and financial innovation.

Jan-Oliver Sell, CEO, Qivalis

“A native euro stablecoin isn’t just about convenience — it’s about monetary autonomy in the digital age,” Sell said. “Presenting new opportunities for European companies and consumers to interact with onchain payments and digital asset markets in their own currency.”

Related: Sony Bank Targets 2026 U.S. Launch for Dollar-Pegged Stablecoin Tied to Its Entertainment Ecosystem

Regulators Warn of Dangers of Rapid Stablecoin Adoption

Last month, the Governor of the Dutch Central Bank, Olaf Sleijpen, warned that the rapid adoption and integration of stablecoins into the mainstream economy could destabilise Europe’s financial system should things go pear-shaped. 

Speaking to The Financial Times, Sleijpen warned that if stablecoins were to depeg — as we have seen them do many times before — they could bring the wider economy down with them.

If stablecoins are not that stable, you could end up in a situation where the underlying assets need to be sold quickly,” he said, highlighting the potential for a domino effect that could unfold across the economy if stablecoins were to de-peg.

Olaf Sleijpen, Governor, Dutch Central Bank

Sleijpen suggested that if such a situation were to play out, the European Central Bank (ECB) may need to “rethink monetary policy,” — code for ‘adjust interest rates’ — in an attempt to restore stability to the system.

Related: ECB Warns Stablecoin Run Could Ignite ‘Fire Sale’ Shock in US Treasury Markets

Meanwhile, the ECB itself released a report last month that found “stablecoins may pose financial stability risks through their inherent vulnerabilities and their interconnectedness with traditional finance.”

However, the report concluded that currently “financial stability risks stemming from stablecoins are limited,” while adding that “the rapid growth justifies close monitoring.”