European banking group plans euro stablecoin to rival USD-pegged assets

A consortium of 12 major European banks, including ING, UniCredit, and BBVA, is preparing to launch a euro-pegged stablecoin in the second half of 2026, CoinDesk reported, citing Spanish media outlet Cinco Días. The consortium, known as Qivalis, is reportedly in discussions with cryptocurrency exchanges and liquidity providers regarding the listing and distribution of the new asset. Qivalis is continuing talks with both European and global exchanges, and participating banks will also be able to distribute the stablecoin through their own channels. The stablecoin is designed to be 100% backed by reserves, with at least 40% held in bank deposits and the remainder in short-term eurozone government bonds. It will also support 24-hour redemptions. The initiative aims to provide a European alternative to dollar-based stablecoins that complies with the EU's Markets in Crypto-Assets (MiCA) regulation.