The joint was held at the end of September Cryptocurrency of European banks announced. The project has now gained momentum. On Wednesday, the name of the banking consortium behind it was announced Euro bound Stablecoins announced. It reads Qivalis. This stands for “key to value,” explained the consortium managing director Jan-Oliver Sell.
The stablecoin is scheduled to launch at the beginning of second half of 2026. The digital money is to be issued via The crypto exchange, Crypto wallet provider and the banks involvedincluding the Austrian one RBI. The digital currency will be licensed and supervised by the Dutch Central Bank.
The banking consortium behind the digital currency has recently grown to ten banks. Next to the RBI are they the Dutch ones INGthe Italian Bank Austria parent Unicredit and the Sella Bank, KBC, Danske Bank, Deka Bank, SEB, Caixa Bank and the most recently added French one BNB Paribas.
Value secured
As with other cryptocurrencies, such as Bitcoin or Ether, the technical basis of stablecoins provides the Blockchain. Unlike Bitcoin or Ether, stablecoins must be backed by traditional currencies or bonds.
Which banks have the necessary ones? Euros or Eurobonds will be deposited to secure the new cryptocurrency has not yet been determined.
Advantages
Initially the stablecoin will probably become Handel or to Parking crypto investments be used, said consortium managing director Sell, who was previously head of the crypto exchange in Germany, among other things Coinbase war.
Digital money should also have advantages cross-border transfers offer. Today, transactions to the USA take around three to five days and cost up to five percent of the transaction value. With the stablecoin, transfers to third countries are possible at a fraction of the cost and within 10 minutes, said Sell.
But also with the one planned by many banks Tokenization of traditional assetswhich are to be made tradable on the blockchain, stablecoins play a bridging role between the traditional financial system and the crypto world.
“Programmable”
The digital money can also be programmed using the blockchain, said Qivalis’s chief financial officer Floris Smellwhich comes from the Dutch ING. This could reduce risks in transactions if, for example, a transfer is technically tied to the fulfillment of a condition.
On other digital payment options in Europe, such as the one planned by the European Central Bank (ECB). digital eurowhich is primarily intended to serve as a digital replacement for cash, or digital currencies issued by banks, Qivalis behaves in a complementary manner, said Lugt.
Billion dollar market
Stablecoins tied to the euro would only be a fraction of the more than 250 billion dollars severe global stablecoin market make out, said Howard Davies. The former director of the London School of Economics heads the banking consortium’s supervisory board.
With the Euro stablecoin they want to be the US top dog Tether (USTD) and USD Coin from Circle. “Why should the Euro market for stablecoins remain so much smaller than the dollar market?” asked Davies.
With the EU regulation that came into force at the end of last year (MiCAR, Markets in Crypto-Assets Regulation) there is a good framework. The participating major banks would ensure the necessary customer base, but also the necessary trust. If European stablecoins gain ground, they will too European sovereignty benefit in payments, said Davies.