Qivalis is a European banking blockchain project created to issue a regulated euro-denominated stablecoin. The initiative began in 2025 with the participation of ING, UniCredit, and other major banks, and by May 2026 the consortium had expanded to 37 financial institutions across 15 European countries. Qivalis plans to use a fully reserved 1:1 model and obtain authorization from De Nederlandsche Bank as an electronic money institution. The euro stablecoin is scheduled to launch in the second half of 2026 and is intended to provide banking infrastructure for on-chain payments, settlement, and tokenized assets.
Contents
- What Is Qivalis and What Roles Do ING and UniCredit Play?
- How a Regulated Bank-Issued Euro Stablecoin Works
- Qivalis Banks and the Structure of the European Consortium
- Applications in Payments, DeFi, and Asset Tokenization
- Qivalis Regulation, Risks, and Prospects
1. What Is Qivalis and What Roles Do ING and UniCredit Play?
Qivalis B.V. is an Amsterdam-based company established to develop banking infrastructure around a regulated euro stablecoin. The project emerged from an initiative announced by nine European banks in September 2025. The original group included Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
In December 2025, the company adopted the Qivalis name, while BNP Paribas joined the consortium. The list of participating institutions continued to expand afterward. ING and UniCredit are therefore not the only organizations behind the stablecoin but members of a broader joint European banking initiative.
Unlike most cryptocurrency stablecoins, Qivalis is being developed directly by a consortium of regulated financial institutions. The company is owned by participating banks and plans to operate as a separate electronic money issuer. Qivalis is led by CEO Jan-Oliver Sell, who previously held senior positions in financial and cryptocurrency companies.
The core idea is to create a common digital euro instrument on top of which banks can develop their own payment and investment products. Qivalis is expected to serve as the underlying infrastructure and issuer, while distribution of the token is planned through the project's participating institutions and partners.
2. How a Regulated Bank-Issued Euro Stablecoin Works
The Qivalis stablecoin is planned to be pegged to the euro and fully backed by reserves on a 1:1 basis. This means that digital units in circulation should be backed by a corresponding amount of reserves within the traditional financial system. Such a structure is consistent with the electronic money token model established under the European Union's Markets in Crypto-Assets Regulation, or MiCA.
As of August 2026, Qivalis is still preparing for its commercial launch. Therefore, several technical characteristics, including the token's public name and ticker, the final list of supported blockchains, and the detailed smart contract architecture, should not be considered finalized until these parameters are officially disclosed.
- Euro denomination. The token's value is intended to be pegged to the euro.
- 1:1 reserves. Qivalis plans to fully back the stablecoin with reserves.
- MiCA. The issuer is being established in accordance with the EU's Markets in Crypto-Assets regulatory framework.
- EMI. Qivalis is seeking authorization from De Nederlandsche Bank as an Electronic Money Institution.
- On-chain settlement. The token is intended for transfers and settlement directly through blockchain infrastructure.
- Bank distribution. Stablecoin distribution is expected to take place through participating institutions and ecosystem partners.
Blockchain infrastructure enables round-the-clock settlement, while traditional interbank systems can depend on operating schedules and chains of intermediaries. The programmability of digital assets can also enable payments to be integrated directly into smart contracts and automated financial processes.
Qivalis should not be confused with the European Central Bank's digital euro. The digital euro is a CBDC project and would potentially represent central bank money. Qivalis, by contrast, is a privately issued bank-backed stablecoin operated by a separate regulated company and backed by reserves.
3. Qivalis Banks and the Structure of the European Consortium
The composition of Qivalis has changed significantly since the project was established. By February 2026, the consortium included 12 banks, including BBVA and BNP Paribas. On May 20, Qivalis announced that another 25 banks had joined, bringing the total to 37 financial institutions across 15 European countries.
This expansion has practical implications for the stablecoin's infrastructure. Participating banks can potentially provide access for corporate and retail clients, integration with existing payment systems, and liquidity for the digital euro-denominated asset across different markets. At the same time, each participating institution can develop its own customer-facing products on top of the shared infrastructure.
| Parameter | Qivalis |
|---|---|
| Organization | Qivalis B.V. |
| Jurisdiction | Netherlands |
| Headquarters | Amsterdam |
| Number of Banks | 37 as of May 2026 |
| Geographic Coverage | 15 European countries |
| Base Currency | Euro |
| Reserve Model | Planned 1:1 backing |
| Regulatory Framework | MiCA / EMI status |
| Regulator | De Nederlandsche Bank |
| Planned Launch | Second half of 2026 |
In addition to ING and UniCredit, participants include BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, KBC, Raiffeisen Bank International, SEB, and Banca Sella. In May, ABN AMRO, Intesa Sanpaolo, Nordea, Rabobank, Swedbank, Erste Group, Bank of Ireland, Banco Sabadell, Bankinter, Piraeus, and other European banks joined the initiative.
This model differs from a stablecoin issued by a single bank. Qivalis is being developed as shared infrastructure that can be used by multiple financial institutions. This could simplify the creation of a common settlement asset for banks, exchanges, fintech companies, and other participants in the digital asset market.
4. Applications in Payments, DeFi, and Asset Tokenization
One of the main use cases proposed for Qivalis is 24/7 cross-border payments. A European company could potentially transfer digital euros through a blockchain network without using a US dollar stablecoin as an intermediary settlement asset. For banks, this could also create opportunities to automate treasury operations and inter-institutional settlements.
Another use case is the tokenization of financial assets. Bonds, funds, and other instruments issued on blockchain networks require a digital settlement asset. A euro stablecoin could be used in delivery-versus-payment models, where the transfer of a tokenized asset and the corresponding payment are completed as part of a linked on-chain transaction.
Qivalis also identifies programmable payments and supply chain management as potential applications. Smart contracts can automatically initiate transfers when predefined conditions are met, such as confirmation of delivery or the arrival of a settlement date. In traditional financial infrastructure, similar processes often require separate banking and corporate systems.
The potential use of the token on regulated exchanges and through liquidity providers could expand its presence beyond banking applications. However, Qivalis' participation in open DeFi will depend on the token's technical architecture, supported networks, compliance requirements, and access rules, which are expected to become clearer after launch.
5. Qivalis Regulation, Risks, and Prospects
A key feature of the project is its focus on MiCA compliance from the outset. Qivalis is seeking authorization from De Nederlandsche Bank as an Electronic Money Institution. Obtaining the appropriate regulatory status is an important condition for launch, meaning the planned timeline for the second half of 2026 remains dependent on the completion of regulatory and technical procedures.
The project is developing in a market still dominated by US dollar stablecoins. According to Qivalis data from May 2026, euro-denominated tokens accounted for approximately 0.2% of global stablecoin circulation. This means the banking consortium will have to compete not only with existing euro stablecoins but also with widely used assets such as USDT and USDC, which have substantially greater liquidity and broader integration across the crypto market.
Regulated status does not eliminate all risks. For users and institutional participants, important factors will include the composition and custody of reserves, issuance and redemption conditions, smart contract security, blockchain network availability, secondary-market liquidity, and compliance requirements. Before launch, it is also difficult to fully assess actual transaction speeds, fees, and token availability across different on-chain applications.
Qivalis demonstrates how European banks are moving from individual blockchain experiments toward shared digital money infrastructure. The expansion of the consortium from nine founding participants to 37 banks increases the potential distribution network of the future stablecoin, but its actual significance will depend on regulatory approval, liquidity, and real-world adoption after launch. Qivalis is therefore better understood not as an "ING or UniCredit stablecoin," but as an emerging pan-European banking platform for regulated on-chain payments and euro-denominated settlement.
