A consortium company owned by 37 European banks, including BNP Paribas, ING and BBVA, has advanced plans for a euro-pegged stablecoin.

License and scope

Qivalis, the consortium entity representing the participating banks, obtained an e-money institution license from Dutch regulators to support token operations.

The planned token is intended for euro-denominated on-chain settlements and will be distributed through banks, crypto exchanges and payment service providers.

Compliance and next steps

The company has yet to publish its whitepaper and must meet remaining compliance obligations under MiCA (Markets in Crypto-Assets) regulation before broader deployment.

Regulatory review under MiCA will shape permitted design features, including backing arrangements, redemption mechanics and disclosure requirements for the proposed token.

Consortium participation

Reporting identifies major participants such as BNP Paribas, ING and BBVA, which are expected to act as primary distribution and custody channels for the initiative.

• Distribution: participating banks, crypto exchanges and payment service providers.
• Governance: managed by the consortium company Qivalis on behalf of member banks.

Next milestones for the project include publication of the whitepaper, further technical specifications, and clearance of outstanding regulatory conditions prior to issuance.