Qivalis, a consortium of major European banks, is in advanced talks with crypto exchanges and liquidity firms to distribute its planned euro-pegged stablecoin, Spanish business newspaper Cinco Dรญas reported Monday.
The group, including banks such as ING, UniCredit, and the recent addition of BBVA, is moving toward the launch of a stablecoin in the second half of 2026, Cinco Dรญas reported.
The consortium is now reportedly in advanced discussions with crypto exchanges, market makers and liquidity providers. The shareholder banks themselves will also be able to distribute the stablecoin.
The news comes months after the banks first announced the consortium in September 2025 with nine initial members, including ING, UniCredit, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank and Banca Sella.
Qivalis is considering both European and international partners
Jan Sell, Qivalis CEO and former head of Coinbase in Germany, said the consortium is considering partnerships with both European and international platforms.
This aligns with the projectโs global vision and its priority to offer a โregulated, domestic alternative to US dollar-denominated stablecoins,โ he noted.
โItโs essential for our core use cases, such as facilitating real-time, cross-border business-to-business payments and global trade,โ he said.
The consortium is seeking partners that comply with European Union regulatory frameworks, including the blocโs Markets in Crypto-Assets Regulation. According to the report, Bit2Me, a MiCA-licensed exchange in Spain, is among the platforms that have held talks with one of the consortiumโs banks.
Related: Deutsche Bank-backed AllUnity launches Swiss franc stablecoin CHFAU
During a presentation, Qivalis chief financial officer, Floris Lugt, reportedly said the stablecoinโs reserves will be backed 1:1, with at least 40% in bank deposits.
The remainder would be held in short-term, high-quality euro-area sovereign bonds to avoid concentration risk in any single country, he said. He also said the euro stablecoin will support 24/7 redemption for token holders.
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