The European Banking Alliance has established the stablecoin issuing institution Qivalis, which will launch a Euro-backed stablecoin in the second half of 2026.

BlockBeats News, December 3rd - Nine major European banks have jointly established a stablecoin issuing institution called Qivalis, which has been registered in Amsterdam. They have launched a Euro stablecoin that complies with the EU's Markets in Crypto-Assets Regulation (MiCA). The banks participating in this Euro-denominated stablecoin project include: ING Group from the Netherlands, Banca Sella from Italy, KBC from Belgium, Danske Bank from Denmark, DekaBank from Germany, UniCredit from Italy, SEB from Sweden, CaixaBank from Spain, and Raiffeisen Bank International from Austria.

The participating banks stated that the plan will provide a true European alternative to the U.S.-dominated stablecoin market and help enhance Europe's strategic autonomy in the payment sector. According to a joint statement, this stablecoin will enable nearly instant, low-cost transactions and provide 24/7 efficient cross-border payments, programmable payments, supply chain management improvements, and digital asset settlement optimization. This MiCA-compliant stablecoin is expected to be issued for the first time in the second half of 2026.