Ten major European banks launch euro stablecoin venture Qivalis

Ten major European banks, including UniCredit, ING, and BNP Paribas, have launched a joint venture named Qivalis to issue a euro-based stablecoin, Wu Blockchain reported. The venture aims to launch the stablecoin in the second half of 2026 and has applied for an Electronic Money Institution (EMI) license with the Dutch central bank. The initiative seeks to reduce the digital payments market's dependence on U.S. dollar-based stablecoins and establish a European-led payment infrastructure.