BNP Paribas has joined a growing coalition of European banks that are building out a unified stablecoin framework under the new Dutch entity Qivalis, signaling a deeper institutional move toward regulated euro tokenization across the region. The initiative includes nine other lenders such as ING, UniCredit and CaixaBank, all seeking approval from the Dutch Central Bank to issue a compliant digital euro token designed for corporate settlement, treasury operations and cross border payment flows. Qivalis is positioning itself as an institutional grade issuance platform aligned with the EU’s MiCA requirements, focusing on reserves transparency, licensed governance and payment architecture that can integrate directly with existing banking rails. The group has selected Jan Oliver Sell, formerly an executive at the German division of Coinbase, to lead the venture as it develops its operational model and readiness for regulatory onboarding. The banks expect to finalize governance and risk control frameworks ahead of a planned 2026 rollout.
The collaboration reflects growing demand for stablecoin options anchored in European regulatory structures rather than dollar based issuers. While dollar denominated tokens dominate the global market with multibillion supplies, euro stablecoins have remained comparatively small at roughly 670 million outstanding, limiting their use in institutional workflows and cross border settlement corridors. Qivalis is attempting to change this by offering a token that fits corporate compliance requirements, integrates with existing treasury systems and provides a predictable regulatory environment supported by licensed European banks. The platform is also expected to support programmable payment features built on public blockchain networks but supervised under EU financial rules, providing an alternative to privately issued digital dollars that currently dominate liquidity pools and settlement channels. The project aims to serve corporate users that require predictable clearing times, verifiable backing and alignment with European financial oversight.
The move also comes as the international policy landscape increasingly evaluates stablecoin exposure in payment systems, with institutions across the BIS, FSB and IMF urging standards on reserve quality, operational resilience and cross border coordination. By forming a unified euro issuance platform, Qivalis positions European banks to take a more active role in regulated tokenization rather than leaving the market primarily to non European issuers. The initiative could also encourage corporate adoption as banks leverage their existing networks, onboarding procedures and settlement infrastructure to integrate onchain functionality without removing regulated safeguards. If approved, the euro backed token may introduce new liquidity flows into European digital asset markets and expand the region’s footprint in institutional stablecoin architecture. Qivalis will be monitored closely as development progresses and regulatory feedback shapes the final issuance model ahead of its targeted 2026 launch.
