European Banks Set Sights on 2026 Launch for Euro-Backed Stablecoin

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A group of 12 leading European banks is moving forward with plans to introduce a euro-denominated stablecoin, marking one of the region’s most coordinated private-sector attempts to counter the dominance of dollar-backed digital tokens.

The project, operating under the name Qivalis, brings together major lenders including CaixaBank, BNP Paribas, ING, UniCredit and BBVA.

They are joined by Danske Bank, DZ Bank, SEB, KBC, Raiffeisen Bank International, DekaBank and Banca Sella. Spanish financial newspaper Cinco Días reported that the consortium is targeting a commercial rollout in the second half of 2026.

Under the proposed framework, the stablecoin would be pegged one-to-one to the euro. At least 40% of the reserves backing the token would be held in bank deposits, with the remainder allocated to high-quality, short-term sovereign bonds issued within the eurozone. According to the report, the reserve structure is intended to minimize concentration risk while ensuring full backing and enabling 24/7 redemption for token holders.