European banks push euro stablecoin with exchange partnerships

Europe’s largest lenders are edging closer to launching a joint euro-pegged stablecoin, as talks with crypto exchanges and liquidity firms enter an advanced stage.

The project, led by banking consortium Qivalis, signals a coordinated move by traditional financial institutions into digital assets under the European Union’s regulatory framework.

According to a report by Spanish business newspaper Cinco Días on Monday, the consortium is preparing for a potential launch in the second half of 2026.

Discussions are now underway with trading platforms, market makers, and liquidity providers to secure broad distribution for the token once it goes live.

Exchange talks deepen

Qivalis was first unveiled in September 2025 with nine founding banks.

These included ING, UniCredit, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank, and Banca Sella.

Since then, BBVA has joined the initiative, expanding the group’s footprint across the euro area.

The shareholder banks will distribute the stablecoin directly to clients.

At the same time, the consortium is negotiating with crypto exchanges and liquidity providers to ensure secondary market activity and trading depth.

Bit2Me, a Spain-based exchange licensed under the EU’s Markets in Crypto-Assets Regulation, has reportedly held talks with one of the consortium’s member banks.

The group is prioritising partnerships with platforms that comply with MiCA rules, reflecting its focus on regulatory alignment from the outset.

Global scope, euro focus

Jan Sell, chief executive of Qivalis and former head of Coinbase in Germany, has indicated that discussions are not limited to European platforms.

The consortium is evaluating both European and international partners as part of what it describes as a global strategy.

The stablecoin is designed as a euro-denominated alternative to US dollar stablecoins, which currently dominate the market.

The project aims to provide a regulated, domestic digital asset option for businesses operating within the euro area and beyond.

Core use cases include real-time, cross-border business-to-business payments and global trade settlement.

By anchoring the token to the euro, the consortium intends to position it as infrastructure for corporate transactions rather than retail speculation.

Reserve structure outlined

Details of the reserve model were presented by Qivalis' chief financial officer, Floris Lugt.

The stablecoin will be backed 1:1 by underlying assets, with at least 40% of reserves held in bank deposits.

The remainder will be invested in high-quality, short-term sovereign bonds issued by a range of euro-area countries.

This diversification is intended to avoid concentration risk in any single jurisdiction.

Token holders will have access to 24/7 redemption, allowing them to convert holdings back into euros at any time.

The structure is designed to meet regulatory expectations under MiCA while maintaining liquidity and stability.

If completed as planned, the project would represent one of the most coordinated attempts by European banks to create a shared digital currency instrument.

With distribution talks intensifying and regulatory frameworks now in place, the consortium appears to be shifting from concept to execution ahead of its targeted 2026 launch window.