EU Banking Coalition Moves to Launch Euro-Pegged Stablecoin by 2027

• 10 major EU banks form Qivalis, an Amsterdam-based entity aiming to launch a euro stablecoin.
• Stablecoin expected in late 2026, pending Dutch Central Bank approval.
• Fully compliant with MiCA — Europe’s unified crypto regulatory framework.
• ECB warns rapid stablecoin growth requires monitoring.
• Tether exits EU stablecoin competition amid regulatory pressure.

A coalition of Europe’s largest banking institutions is pushing forward with one of the region’s most ambitious digital asset initiatives to date — the launch of a MiCA-compliant euro-pegged stablecoin by 2026, with broader rollout expected in 2027.

On Tuesday, BNP Paribas confirmed it would join nine other EU-based banks in establishing Qivalis, a Netherlands-registered entity designed to issue a regulated euro stablecoin. Qivalis is currently seeking authorization from the Dutch Central Bank, a key requirement before its planned launch in the second half of 2026.

According to Qivalis CEO Jan-Oliver Sell, the goal is to fill a growing strategic gap in Europe’s digital economy:

“A native euro stablecoin isn’t just about convenience — it’s about monetary autonomy in the digital age,” Sell stated.
“It creates new opportunities for European companies and consumers to interact with on-chain payments and digital asset markets in their own currency.”

A European Response to Global Stablecoin Expansion

The EU’s move comes as other major jurisdictions accelerate their own regulatory frameworks. In the United States, the GENIUS Act, signed into law by President Trump in July, establishes a federal legal structure for payment stablecoins — opening the door for U.S. institutions to accelerate stablecoin innovation.

Europe, in turn, is preparing to anchor the euro firmly into digital markets through MiCA, the world’s most comprehensive regulatory framework for crypto assets. Qivalis aims to be one of the first fully compliant institutional stablecoins under MiCA rules, positioning the euro for greater relevance in the on-chain economy.

Regulators Keep a Close Eye

Despite support from major banks, not everyone is fully comfortable with the implications.
Dutch Central Bank Governor Olaf Sleijpen recently warned that a rapidly expanding stablecoin market could pose risks to monetary policy transmission — especially if private digital euros eclipse official initiatives.

The European Central Bank echoed this sentiment in a report released in November. While the ECB assessed current stablecoin risks as “limited,” it emphasized that “rapid growth justifies close monitoring.”

At present, the market for euro-denominated stablecoins remains small. According to ECB adviser Jürgen Schaaf, total capitalization sits under €350 million (roughly $407 million), accounting for less than 1% of global stablecoin supply as of July.
The creation of a banking-backed euro stablecoin could significantly reshape that landscape.

Tether Exits the EU Stablecoin Arena

In contrast to rising institutional participation, Tether — the issuer of the world’s largest stablecoin — has stepped back from the European market.
On Nov. 25, Tether halted redemptions for EURt, its euro-pegged token, citing MiCA-related risks. CEO Paolo Ardoino said the regulatory requirements made continued support untenable.

With Tether out of the picture, Qivalis and its member banks now have a clearer runway to establish the first dominant, fully compliant euro stablecoin for global markets.