Several banks in Europe are promoting the euro stablecoin, aiming for a launch in the second half of 2026

Ten European banks, including BNP Paribas, ING, and UniCredit, have formed a new company called Qivalis, which plans to launch a euro-pegged stablecoin in the second half of 2026 to counter the dollar-dominated digital payments.

Qivalis is headquartered in Amsterdam, with former Coinbase Germany CEO Jan-Oliver Sell as CEO and former NatWest chairman Howard Davies as chairman.