Qivalis consortium of 12 European banks plans euro stablecoin rollout with exchanges in H2 2026

Qivalis, 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. The group is in advanced talks with crypto exchanges, market makers and liquidity providers to distribute the token, while member banks will also offer it directly. Qivalis plans full reserve backing, with at least 40% held in bank deposits and the remainder in short-term sovereign bonds from multiple euro-area countries.