Qivalis: Bank-Backed Euro Stablecoin Venture Unveils Name and Leadership

A euro-denominated stablecoin initiative backed by ten major European banks has formally adopted the name Qivalis and introduced its leadership team as it targets a launch in the second half of 2026.

The Amsterdam-based joint venture is supported by Banca Sella, BNP Paribas, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Developed in line with the EU's Markets in Crypto-Assets Regulation (MiCAR), Qivalis is designed to operate as a blockchain-based digital payment instrument enabling faster and lower-cost cross-border transactions. Participating banks may also build additional services on top of the system, including stablecoin wallets and custody solutions.

Qivalis is currently seeking authorisation from the Dutch Central Bank as an Electronic Money Institution. The venture is led by Jan-Oliver Sell, formerly managing director at Coinbase Germany, alongside CFO Floris Lugt, previously lead for digital assets in wholesale banking at ING. Oversight will be provided by a supervisory board chaired by Sir Howard Davies, former head of the UK Financial Services Authority and deputy governor of the Bank of England.

With U.S. dollar-based stablecoins representing roughly 99% of global market capitalisation, euro-backed alternatives remain limited, currently totaling less than €350 million.

Sell says the initiative is intended to support Europe's position in the digital economy, noting that "a native Euro stablecoin isn't just about convenience — it's about monetary autonomy in the digital age." Davies adds that the project aims to ensure that European principles "around data protection, financial stability, and regulatory compliance are embedded into the future of the next level of digital money."