Qivalis
Web3 / cefi
Qivalis B.V. is an Amsterdam-domiciled joint venture established by a consortium of European banks to issue a MiCA-compliant euro stablecoin as an e-money token (EMT) under De Nederlandsche Bank (DNB) supervision. The consortium was first announced on 25 September 2025 with nine founding banks — Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit — and expanded with BNP Paribas joining on 1 December 2025, at which point the Qivalis B.V. legal entity was incorporated and Sir Howard Davies (former FSA Chair) and Jan-Oliver Sell were confirmed as Supervisory Board Chair and CEO respectively. BBVA and DZ Bank were added in early 2026.
On 20 May 2026 the consortium expanded materially with 25 additional banks — including ABN AMRO, AIB, Banco Sabadell, Bank Pekao, Bankinter, Crédit Mutuel Alliance Fédérale, BPER Banca, Erste Group, Groupe BPCE, Handelsbanken, Helaba, Intesa Sanpaolo, Nordea, OP, Piraeus Bank, Rabobank, and Swedbank — bringing membership to 37 banks across 15 European countries. The participating institutions represent a combined balance sheet widely reported at approximately €15 trillion. Fireblocks was selected as the underlying tokenisation and custody technology partner in March/April 2026, with the token built on the ERC-20F standard (a permissioned, compliance-oriented extension of ERC-20). Issuance and redemption are designed on a 1:1 basis against euro cash and high-quality liquid assets held at regulated custodians. Launch is targeted for the second half of 2026 conditional on completion of the EMI authorisation process with DNB.
Why It Matters
Qivalis is the most material institutional response to the structural risk of euro "digital dollarisation" — the migration of European payment activity onto USD-denominated stablecoins issued under MiCA by Circle and others. ECB President Christine Lagarde initially endorsed euro stablecoin development but pivoted in May 2026 toward warnings about financial-stability risk, signalling a preference for central-bank-money tokenisation (digital euro, targeted for approximately 2029). Qivalis therefore occupies the commercial-bank-money layer of a three-layer European wholesale architecture sitting alongside the BIS Project Agorá central-bank-money settlement rail and the BIS Project Aperta cross-border data portability layer.
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