BNP Paribas, the largest bank in France by assets, announced on Tuesday that it is collaborating with nine other European banks in a venture aimed at issuing a stablecoin as established financial institutions pursue the rapidly evolving digital asset sector.
The bank is part of an Amsterdam-based initiative known as Qivalis, which is supported by institutions such as ING, UniCredit, and CaixaBank. The group has submitted an application for an electronic money license to the Dutch Central Bank and aims to launch the stablecoin in the latter half of 2026, based on the information provided in a press release.
The venture has appointed Jan-Oliver Sell as its CEO. Sell previously held an executive position at Coinbase’s (COIN) operations in Germany.
This initiative aims to establish a digital payment infrastructure in Europe that is both blockchain-native and compliant with the European Union’s Markets in Crypto-Assets (MiCA) regulations. BNP Paribas stated that this project will enhance the development of on-chain payment systems tailored to meet the requirements of corporate clients while adhering to regulatory standards.
Stablecoins, which are blockchain-based cryptocurrencies pegged mainly to fiat currencies, are rapidly gaining popularity as a more cost-effective and faster alternative for cross-border payments. The ten banks supporting Qivalis intend to leverage their extensive global presence in finance to provide an alternative to dollar-pegged stablecoins like USDT and USDC, which dominate the $300 billion market.
However, euro-denominated tokens have struggled to gain traction, with only a $670 million supply recorded. French bank Société Générale launched its euro token (EURCV) in 2023, currently valued at $62 million, while U.S.-based issuer Circle Internet’s (CRCL) EURC leads the market with a value of $330 million.
Qivalis is in the process of establishing its governance framework and anticipates receiving regulatory approval ahead of its planned debut in 2026, according to the press release.
Read more: ECB Doubles Down on Warning That Stablecoins Could Pose Global Financial Risks
