– Coalition of 10 European Banks Launches qivalis for Euro Stablecoin – ING and UniCredit Join Forces in New Euro Stablecoin Initiative – Major European Banks Establish qivalis to Counter US Digital Dollar

A coalition of ten major European banks has launched qivalis, a new Amsterdam-based company to create a euro-pegged stablecoin. This initiative aims to challenge the dominance of US dollar-focused digital tokens like USDT and USDC, which together have a market cap of $261 billion.

The consortium includes ING, UniCredit, BNP Paribas, Raiffeisen Bank International, SEB, Danske Bank, CaixaBank, KBC, Banca Sella, and DekaBank.
Jan-Oliver Sell, formerly with Coinbase Germany, will serve as CEO; Floris Lugt from ING is appointed CFO.
An Electronic Money Institution license from the Dutch central bank is being pursued, with the euro-backed stablecoin launch planned for the second half of 2026.

Sweden's Report on Stablecoins

Sveriges Riksbank warns that widespread stablecoin adoption could increase funding costs and tighten lending in traditional banking.
Concerns include fire-sale dynamics during redemption waves and competition between private monies.
MiCA provides a legal path for stablecoins, but central banks restrict issuer access to settlement accounts.

Poland's Crypto Bill Veto

Poland's President Karol Nawrocki vetoed a bill aligning with EU crypto rules, citing threats to civil freedoms and small business impacts.
Lawmakers caution that non-compliance with MiCA might drive crypto firms abroad, leaving consumers unprotected.
For qivalis, MiCA's full implementation could offer a stable regulatory environment despite current fragmented policies.