Europe’s 10 Largest Banks Form ‘Qivalis’ to Break US Dollar’s 99% Grip on Stablecoin Market

• The Launch: Ten major European banks, including ING and BNP Paribas, formed “Qivalis” to launch a regulated Euro stablecoin in 2026.
• The Mission: The consortium aims to reclaim “monetary autonomy,” countering the US dollar’s near-total dominance of the $185B stablecoin sector.
• The Rivalry: BNP Paribas is playing both sides, joining Qivalis while simultaneously exploring a G7 stablecoin with US giants like Bank of America.

Ten of Europe’s largest banks have created a new company called Qivalis, aiming to launch a fully regulated euro-backed stablecoin in the second half of 2026. Qivalis has already begun the process of applying for an Electronic Money Institution (EMI) licence from the Dutch central bank, a requirement for issuing regulated digital euros on-chain.

The consortium includes Banca Sella, BNP Paribas, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffei…

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