With the addition of 25 organisations, Qivalis now counts 37 financial institutions among its members and has expanded its network across 15 European countries. Qivalis is a European banking consortium that will launch a new euro-linked stablecoin in the second half of 2026.
The new member banks joining Qivalis besides Piraeus, are ABANCA, ABN AMRO, AIB, Banco Sabadell, Bank of Ireland, Bank Pekao S.A., Bankinter, Banque et Caisse d’Épargne de l’État (Spuerkeess), Banque Fédérative du Crédit Mutuel, BPER Banca, Cecabank, Erste Group, Groupe BPCE, Handelsbanken, Helaba, Intesa Sanpaolo, Jyske Bank, Kutxabank, Landsbankinn, National Bank of Greece, Nordea, OP Pohjola, Rabobank and Swedbank.
Qivalis – Europe’s regulated Euro stablecoin infrastructure
Qivalis is the European banking consortium established to issue a regulated, euro-denominated stablecoin designed to support institutional-grade on-chain payments and settlements across Europe.
Qivalis plans to deliver an on-chain native payment and settlement solution denominated in euro across several domains. The infrastructure is expected to support real-time liquidity movement for corporate treasuries, atomic settlement for tokenised assets including bonds and real estate, more efficient cross-border payments for European businesses, and programmable payments enabled through smart-contract functionality.
Qivalis expects to receive authorisation from the central bank of the Netherlands shortly to operate as an e-money institution. Once all regulatory and technological developments have been completed, the consortium plans to begin issuing its stablecoin in the second half of this year (an e-money token designed to maintain a stable value and avoid the volatility associated with other crypto-assets). It will be fully backed by euro reserves (in a 1:1 ratio), as well as fully aligned with the Markets in Crypto-Assets Regulation (MiCA) of the European Union.
Among its possible use cases, Qivalis highlights the possibility of making low-cost, instant cross-border payments available 24/7, with the option to schedule them in advance. In addition, transfers of tokenised and digitalised assets, such as bonds, could be settled automatically, thereby reducing counterparty credit risk.
Stablecoins have experienced rapid growth, and their market value is estimated to exceed US$290 billion (over €246 billion). Despite this, euro-linked stablecoins are estimated to account for only 0.2% of the global circulation of these digital currencies, even though the single currency represents between 20% and 25% of global transactions involving traditional currencies.
This makes a project such as Qivalis especially relevant. It aims to facilitate the development of a native and interoperable digital infrastructure for the European financial sector, with the capacity to achieve the necessary scale through the participation of its 37 banking members.
“This infrastructure is essential if Europe is to compete in the global digital economy whilst preserving its strategic autonomy,” Sir Howard Davies, Chairman of Qivalis’ Supervisory Board, pointed out.
“We are not merely building payment rails; we are ensuring that European principles – around data protection, financial stability and regulatory rigour – are embedded into the next generation of digital money. Efficiency in financial infrastructure is ultimately, a matter of sovereignty. The euro’s role in the eurozone’s monetary system will increasingly depend on whether it is present – as the primary settlement currency – on the rails where global value moves.” he commented.
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“Europe’s financial system is entering a new phase of digital transformation, where regulated digital money and blockchain-enabled settlement infrastructure will play an increasingly important role,” said Christos Megalou, CEO of Piraeus. “Our participation in Qivalis reflects Piraeus’ commitment to innovation and to supporting the development of trusted European solutions that strengthen the role of the euro in the digital economy, while operating within a robust regulatory framework.”
Elena Carrera, Chief Operations & Technology Officer at Banco Sabadell, notes: “Banco Sabadell has been monitoring and evaluating potential opportunities in the digital assets space for some time. Qivalis represents an excellent business opportunity and will help us continue deepening our understanding of blockchain technology, which has enormous transformative potential.”
“Participating in Qivalis will enable us to implement future stablecoin use cases that will benefit both our retail and business customers,” Carrera points out.
“We are thrilled to welcome 25 new partners to the Qivalis consortium,” said Jan-Oliver Sell, CEO of Qivalis. “This expansion marks a giant leap toward an open and compliant on-chain ecosystem for the euro and shows that the majority of European institutions have already prioritised euro-native on-chain settlement in their digital asset journey. The euro is Europe’s currency, and on-chain financial infrastructure should carry it – built by European institutions and governed by European rules.”
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Founded in September 2025 and domiciled in Amsterdam, Qivalis is currently pursuing authorisation from the DNB as an Electronic Money Institution. Qivalis is planning to issue their euro stablecoin under a full reserve model, serving as the cornerstone of institutional-grade on-chain payment and settlement infrastructure. The token will be distributed through Qivalis’ trusted partners. By bridging traditional finance and on-chain innovation, Qivalis will deliver security, transparency, and trust to Europe’s evolving digital economy. Qivalis plans to launch its euro-denominated stablecoin in the second half of 2026.
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