Qivalis, an alliance of 12 EU banks, plans to launch a euro stablecoin in the second half of this year.

Qivalis, comprised of 12 EU banks including ING, UniCredit, BNP Paribas, CaixaBank, and BBVA, is in advanced discussions with multiple cryptocurrency exchanges, market makers, and liquidity providers. It plans to launch a MiCA-compliant euro-pegged stablecoin in the second half of this year, with ample liquidity available from its initial launch on regulated platforms. Qivalis states that the stablecoin will be backed 1:1 by at least 40% bank deposits and the remainder by high-quality, short-duration Eurozone sovereign bonds, held in custody by multiple high-rated institutions, and will support 24/7 redemption. The project is currently applying for MiCA authorization from the Dutch Central Bank, aiming to provide the Eurozone with a regulated alternative to a dollar-denominated stablecoin and a real-time cross-border corporate payment tool.