A consortium of prominent European financial institutions — collectively referred to as Qivalis — backed by a “Group of EU banks” plans to launch a euro-pegged stablecoin as early as the second half of 2026.
The token will operate under a structure approved by the Dutch Central Bank, and will comply with the region’s regulatory framework established by Markets in Crypto-Assets (MiCA).
What the plan involves
Under this initiative, the Group of EU banks aims to issue a stablecoin directly pegged to the euro and backed by regulated reserves. The stablecoin is intended to enable fast, low-cost payments and digital-asset settlement across on-chain markets — offering European consumers and businesses an on-chain alternative denominated in their native currency.
The banks involved include major names such as ING, UniCredit, CaixaBank and others, which collectively formed the Amsterdam-based entity to launch the token.
What this means for Europe and global stablecoin markets
This euro-stablecoin could challenge the dominance of dollar-pegged stablecoins in global crypto and payments markets — offering a native European alternative for crypto users and financial institutions.
Adopting a euro-denominated stablecoin backed by regulated banks could enhance payment autonomy in Europe, potentially reduce reliance on US-dollar stablecoins, and provide a more stable regulatory footing for institutional and retail crypto adoption.
That said, regulators such as European Central Bank (ECB) have previously expressed caution over privately issued stablecoins, citing possible risks to monetary policy and financial stability.
Conclusion
The Group of EU banks’ push for a regulated euro stablecoin signals a major step for crypto-linked finance in Europe. If successfully launched by 2026, the stablecoin could reshape how Europeans transact, invest, and use digital-asset infrastructure — putting Europe firmly on the map in the global stablecoin race.
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