12-member European banking consortium Qivalis negotiates exchange partnerships for euro stablecoin debut
A group of 12 European financial institutions known as Qivalis is currently negotiating with cryptocurrency trading platforms in preparation for launching a euro-backed stablecoin during late 2026.
A banking alliance comprising major European financial institutions, known as Qivalis, has entered into advanced negotiations with cryptocurrency trading platforms and liquidity service providers to facilitate the distribution of its forthcoming euro-backed stablecoin, according to a Monday report from Spanish business publication Cinco Días.
The alliance, which counts ING, UniCredit, and the recently onboarded BBVA among its members, is progressing toward deploying a stablecoin during the latter half of 2026, as Cinco Días disclosed.
The banking group is currently in late-stage conversations with cryptocurrency trading venues, market makers and providers of liquidity services, according to reports. Additionally, the banks that hold ownership stakes in the consortium will have the capability to distribute the stablecoin themselves.
This development emerges several months following the initial consortium announcement in September 2025, when nine founding members came together, including ING, UniCredit, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank and Banca Sella.
Qivalis is considering both European and international partners
Jan Sell, Qivalis CEO and former head of Coinbase in Germany, stated that the banking consortium is evaluating potential partnerships with platforms based in both European markets and international jurisdictions.
This strategy corresponds with the initiative's worldwide ambitions and its key objective to provide a "regulated, domestic alternative to US dollar-denominated stablecoins," according to his statements.
"It's essential for our core use cases, such as facilitating real-time, cross-border business-to-business payments and global trade," he said.
The banking consortium is actively pursuing partnerships with entities that adhere to European Union regulatory standards, including the bloc's Markets in Crypto-Assets Regulation. Based on the reporting, Bit2Me, a MiCA-licensed exchange in Spain, is among the platforms that have held talks with one of the consortium's banks.
During a presentation, Qivalis chief financial officer, Floris Lugt, reportedly said the stablecoin's reserves will be backed 1:1, with at least 40% in bank deposits.
The remainder is expected to be held in high-quality, short-term sovereign bonds from a range of euro-area countries to avoid concentration in any single country, he said. He also said the euro stablecoin will support 24/7 redemption for token holders.