EU banks to create crypto euro in new joint stablecoin venture
Ten major European banks partnered on Tuesday (2 December) to create a new euro-backed stablecoin through a joint venture called Qivalis, hoping to build a European alternative to US dollar-based stablecoins.
Aiming to launch in the second half of 2026, the Amsterdam-based stablecoin company, backed by BNP Paribas, ING, Danske Bank, and seven other banks, will be supervised by the Dutch central bank and comply with the recently enacted EU Markets in Crypto-assets Regulation.
“A native euro stablecoin isn’t just about convenience; it’s about monetary autonomy in the digital age,” said newly-appointed CEO Jan-Oliver Sell.
A stablecoin is a type of cryptocurrency that is backed by tangible financial assets, such as a government currency…
