Several European banks are pushing forward with euro-denominated stablecoins, aiming for launch in the second half of 2026.

According to Odaily Planet Daily, ten European banks, including BNP Paribas, ING, and UniCredit, have formed a new company, Qivalis, which plans to launch a euro-pegged stablecoin in the second half of 2026 to counter the dollar-dominated digital payments market. Qivalis is headquartered in Amsterdam, with former Coinbase Germany CEO Jan-Oliver Sell as CEO and former NatWest chairman Howard Davies as chairman.