BNP Paribas has become the latest major European bank to join a coalition of financial institutions developing a euro-backed stablecoin, marking one of the most significant traditional-finance moves into blockchain-based payments to date. The initiative aims to offer a regulatory-compliant European alternative to dollar-dominated stablecoins such as USDT and USDC.
BNP Paribas Enters Qivalis, a 10-Bank EU Stablecoin Consortium
BNP Paribas announced Tuesday that it is joining Qivalis, an Amsterdam-based joint venture formed by 10 leading European banks, including ING, UniCredit and CaixaBank.
The group has formally applied for an electronic money institution (EMI) license with the Dutch Central Bank and plans to launch its euro stablecoin in the second half of 2026.
Qivalis’ formation underscores the accelerating push by traditional banks to create blockchain-native payment rails that comply with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework.
Former Coinbase Germany Executive Tapped to Lead the Project
The venture has appointed Jan-Oliver Sell, previously an executive at Coinbase Germany, as CEO.
Sell’s background in both crypto infrastructure and regulated financial markets is expected to shape Qivalis’ approach as it works toward approval and deployment across Europe.
A European Alternative to Dollar-Backed Stablecoins
Stablecoins have become a crucial instrument for global payment transfers and settlement, yet the market remains dominated by dollar-pegged tokens, with USDT and USDC holding most of the nearly $300 billion sector.
Euro stablecoins, by comparison, remain small:
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Combined market supply: ~$670 million
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Société Générale’s EURCV: $62 million market cap
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Circle’s EURC: ~$330 million and currently the leader
Qivalis aims to challenge this imbalance by leveraging the banking consortium’s extensive client networks, corporate relationships and compliance capabilities to create a trusted EU-native digital currency.
BNP Paribas said the initiative will help advance onchain payment systems, providing faster, cheaper and more secure settlement solutions tailored for corporate and institutional users.
Regulatory Framework in Progress
The consortium is currently finalizing its governance and risk structure, with regulatory approval expected ahead of the planned launch. If successful, Qivalis could become the first major bank-led stablecoin issuer to operate fully under MiCA’s comprehensive rules.
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