Last updated on January 3rd, 2026 at 03:07 pm
Quick Breakdown
- Ten EU banks, led by BNP Paribas, will launch a MiCA-compliant euro stablecoin in late 2026 through their new entity, Qivalis.
- Regulators welcome innovation but warn of potential monetary policy risks as stablecoin use grows.
- Tether has withdrawn its euro stablecoin, EURt, citing concerns about MiCA requirements.
Banks form Qivalis to roll out MiCA-compliant stablecoin
A coalition of 10 major European banks, including BNP Paribas, is gearing up to launch a euro-backed stablecoin by late 2026. The banks have created a new Amsterdam-based entity, Qivalis, which will oversee the issuance of the asset under authorization from the Dutch Central Bank.
Backed by leading European banks – @BNP, @Caixa, @Danske, @deka, @ING, @KBC, @RaiffeisenBank, @SEB, @Sella, @UniCredit – Qivalis, domiciled in Amsterdam, is working toward DNB authorization as an Electronic Money Institution to build a digital economy that works for all. pic.twitter.com/Bd4sXnTeTC
— qivalis (@qivaliseu) December 2, 2025
Qivalis says the upcoming stablecoin will fully comply with Europe’s Markets in Crypto-Assets (MiCA) regulation, pending final regulatory approval.
Push for digital “monetary autonomy”
Qivalis CEO Jan-Oliver Sell described the initiative as a step toward strengthening Europe’s digital financial independence.
“A native euro stablecoin isn’t just about convenience — it’s about monetary autonomy in the digital age,”
he said. According to him, having a native, regulated euro stablecoin would open new doors for both businesses and consumers to interact with on-chain payments and digital asset markets “in their own currency.”
The development comes as the U.S. prepares to enforce its newly passed GENIUS Act, which creates the country’s first federal regulatory framework for payment stablecoins.
Regulators signal caution as market grows
Despite supporting innovation, Dutch Central Bank Governor Olaf Sleijpen has reportedly warned that the rapid expansion of stablecoins could pose challenges for monetary policy. A November report from the European Central Bank echoed that sentiment, noting that current risks remain limited, but the sector’s momentum requires “close monitoring.”
ECB adviser Jürgen Schaaf noted that euro-denominated stablecoins remain tiny compared to global peers, with a market cap below €350 million, or under 1% of the worldwide stablecoin market as of July.
Tether exits the EU stablecoin arena
In contrast to the banks advancing their stablecoin plans, industry giant Tether exited the space in November. The company halted redemptions for its euro-pegged stablecoin, EURt, citing MiCA as introducing risks for issuers. Tether had already announced it would phase out support for the token nearly a year earlier.
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