Big EU banks, including ING, UniCredit, CaixaBank and BBVA, are no longer content with just talking about the digital euro: they have become bolder and are now scrambling to hunt for cryptographic partners to launch euro bank-grade stablecoins in 2026, as they prepare for the euro digitaleuro central bank at ECB22.
Stablecoin Bank vs. Digital Euro
The ECB’s digital euro project has clearly broadened the horizons of some heavy lenders, to the extent that many are now betting on a different course. Through a joint venture called Qivalis, founded in Amsterdam by several major European banks, they plan to launch a MiCA-compliant stablecoin pegged to the euro in the second half of 2026, setting themselves apart from the ECB’s digital euro pilot. Instead of relying on the conservative central bank CBDC option issued by the ECB, Qivalis offers a bank-backed alternative: a fully protected electronic money token backed by major commercial lenders, designed primarily for on-chain payments, crypto trading and settlement.
A regulated and domestic alternative to the European Union
As Qivalis CEO Ian Sell noted in a recent interview with Spanish outlet CincoDÃas, the company is already in advanced talks with several cryptocurrency exchanges, market makers and payment providers to distribute the token from day one. According to Sell, the consortium has expanded to 12 banks and is positioning its euro stablecoin as a regulated and MiCA-compliant alternative to dollar stablecoins backed 1:1 by cash and short-term European government debt, offering users 24/7 conversion for institutional and retail users.
A broader perspective with crypto
Qivalis is not an isolated experience: its existence is a paradigmatic example of how traditional European lenders are changing their approach to digital assets. In recent years, not wanting to lose or lose support against decentralized crypto alternatives, and under the pressure of customer demand and tighter regulation, large banks and depository institutions have launched crypto storage, commercial pilots and tokenization projects, such as German lenders exploring crypto services or French and Italian banks supporting the ECB’s spending during the ECB’s digital design.
European leaders seem to have realized that rather than tackling blockchain finance from the sidelines and researching new paradigms, it is better to reshape the system on its own terms.
Bitcoin price trends to the low on the daily chart. Source: BTCUSD chart on Tradingview
Cover image from ChatGPT, XRPUSD chart from Tradingview
Editing process because bitcoinist is committed to delivering thoroughly researched, accurate and unbiased content. We adhere to strict sourcing standards and every page is rigorously reviewed by a team of top technology experts and experienced editors. This process ensures the integrity, relevance and value of our content to our readers.
