Europe’s Ten Major Banks Join Forces: When Will Qivalis Begin Operations?
Introduction
Ten major European banks have established a joint stablecoin company. The group, which includes ING, UniCredit, and BNP Paribas, officially announced the euro-based stablecoin company Qivalis. This initiative is considered a significant move against the US’s dominance in the digital payment arena.
Qivalis, which began operations as an Amsterdam-based digital asset venture, has already completed its application to obtain an electronic money institution license from the Dutch Central Bank. Jan-Oliver Sell, who has a background in management at Coinbase, has been appointed as the company’s CEO. Sell, who provided information about Qivalis’ licensing process, stated that the process could take between six and nine months, and therefore the stablecoin is expected to launch in the second half of 2026.
The project scope has expanded with the addition of BNP Paribas to the structure initially formed by nine banks (ING, UniCredit, Raiffeisen Bank International, KBC, Danske Bank, SEB, Caixabank, DekaBank, and Banca Sella).
The common goal of the structure is to create a regional power as an alternative to US-based digital payment systems and stablecoins. In addition, the consortium states that the stablecoin to be created will be structured in a compliant and transparent manner. Thus, keeping pace with digital innovations and maintaining financial stability are among the main objectives.
What Will Be the Impact on the Dominance of the US Digital Dollar?
US-based stablecoin projects hold market dominance with their strong capital and long history. Furthermore, stablecoin laws recently enacted in the US have paved the way for the system, reinforced by the support of US President Donald Trump.
Although European banks have been slow to respond to these developments, their actions indicate that the Eurozone will also join the competition and play an active role in the market.
Future Expectations and Market Impact
The euro-backed stablecoin, which is expected to become operational in the second half of 2026, is expected to bring innovations to digital payment systems, particularly the financial technology market in Europe ( ). It is also anticipated to offer consumers a faster and lower-cost alternative.
Conclusion and Assessment
The Qivalis initiative is positioned as a strategic step for Europe against US-based digital payment systems and stablecoins, while also aiming to protect financial stability, ensure transparency, and comply with legal regulations.
Expected to become operational in the second half of 2026, Qivalis aims to establish a reliable and regional digital payment infrastructure within Europe, while also having a mission to protect the digital sovereignty of the eurozone.
Disclaimer
This content is for informational purposes only and does not constitute investment, financial, or legal advice. Market views and opinions are general in nature and may not be suitable for all investors. Always conduct your own research and consult qualified professionals before making investment decisions.
