European Banking Consortium Moves to Launch Euro-Backed Stablecoin

2025-12-03 12:35:25

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BNP Paribas has joined a consortium of ten major European banks to launch a euro-backed stablecoin operated through Qivalis, a newly created entity based in the Netherlands. The group has formally submitted an application for an electronic money license to the Dutch Central Bank as it works to build compliant and secure digital payment infrastructure under the Markets in Crypto-Assets Regulation framework.

Project Aims to Strengthen Europe’s Monetary and Payment Independence

The initiative is positioned as a strategic effort to offer a European alternative to dominant dollar-backed stablecoins, reinforcing regional autonomy in the digital payments ecosystem. With a launch targeted for the second half of 2026, Qivalis plans to deliver a regulated stablecoin and a suite of blockchain-enabled payment solutions designed to meet strict oversight standards and match the evolving needs of clients conducting digital transactions.

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