Qivalis in talks with crypto exchanges ahead of euro stablecoin launch

European Banking Consortium Qivalis Poised to Launch MiCA-Compliant Euro Stablecoin in H2 2025

In a bold move to reclaim digital payments sovereignty, a coalition of major European Union banks has entered advanced negotiations with leading crypto exchanges, market makers, and liquidity providers as it prepares to roll out a fully compliant euro-pegged stablecoin by the second half of this year. The initiative, spearheaded by Qivalis—a Netherlands-based venture backed by financial giants including ING, UniCredit, BNP Paribas, CaixaBank, and BBVA—aims to deliver a blockchain-native euro settlement tool that aligns with the EU’s Markets in Crypto-Assets (MiCA) regulatory framework.

According to Spanish business daily Cinco Días, Qivalis CEO Jan Sell confirmed the group is prioritizing partnerships that will ensure the token’s availability on regulated trading platforms from day one. The goal is to guarantee deep liquidity and seamless onboarding for both institutional and retail users across the European Economic Area.

The timing is no coincidence. With U.S.-based dollar stablecoins like USDT and USDC dominating global crypto liquidity—controlling over 90% of the stablecoin market—European policymakers have long voiced concerns over strategic dependence on foreign digital payment rails. Qivalis represents a direct response to that vulnerability, promising a euro-denominated alternative that enables real-time, blockchain-based cross-border corporate payments without reliance on traditional correspondent banking or non-EU intermediaries.

The consortium is casting a wide net for distribution, evaluating both European and international trading venues. While Spanish crypto exchange Bit2Me confirmed it has held preliminary talks with one of the banks in the group, most platforms approached declined to comment, citing ongoing confidentiality agreements. Qivalis itself did not immediately respond to CoinDesk’s request for further confirmation.

On the technical and operational front, the project’s reserve model has been disclosed in detail. Each token will be backed 1:1 by euro-denominated assets, with at least 40% held in bank deposits and the remainder allocated to high-quality, short-term sovereign bonds issued by euro-area governments, diversified across multiple EU member states. Reserves will be custodied with multiple highly rated credit institutions to mitigate counterparty risk. Critically, the design incorporates 24/7 redemption rights for token holders, ensuring continuous convertibility into fiat euros.

To bring the stablecoin to market, Qivalis is pursuing authorization from the Dutch central bank under MiCA—the EU’s comprehensive crypto regulatory regime that came into force in 2024. MiCA compliance will position the token as one of the first large-scale, regulated digital euros operating within a clear legal framework, potentially setting a precedent for future central bank digital currency (CBDC) initiatives and private-sector digital payment innovations.

Industry analysts view the project as a potential game-changer for European fintech, offering corporates a compliant, efficient, and sovereign means of conducting blockchain-based settlements without exposure to U.S. dollar volatility or extraterritorial regulatory risks. For consumers, it could mean cheaper, faster euro transfers within the EU’s single market, leveraging the transparency and programmability of distributed ledger technology.

If successful, Qivalis could mark the beginning of a new era in which European financial institutions reclaim leadership in the global digital asset space—challenging the U.S. dollar’s dominance in crypto liquidity and reinforcing the EU’s strategic autonomy in the evolving landscape of decentralized finance.

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