The European Banking Union establishes stablecoin issuer Qivalis, set to launch a euro stablecoin in the second half of 2026.

Techub News reports that nine major European banks have jointly established a stablecoin issuer named Qivalis, which has completed registration in Amsterdam. The entity plans to issue a euro-denominated stablecoin regulated under the EU's Markets in Crypto-Assets Regulation (MiCA). Participating banks include ING (Netherlands), Banca Sella (Italy), KBC (Belgium), Danske Bank (Denmark), DekaBank (Germany), UniCredit (Italy), SEB (Sweden), CaixaBank (Spain), and Raiffeisen Bank International (Austria).

The initiative aims to provide a genuine European alternative to the currently U.S.-dominated stablecoin market, thereby enhancing Europe's strategic autonomy in the payments sector. According to a joint statement, this euro stablecoin will support near-instant, low-cost settlements and offer functionalities such as 24/7 cross-border payments, programmable payments, supply chain management optimization, and digital asset settlement. The first issuance is expected to take place in the second half of 2026.