The largest banks in Europe unite to challenge the dominance of the dollar through stablecoins

The dependence of the global financial system on the US dollar in digital transactions has prompted major European financial institutions to take action. Ten of the largest banks in Europe, including ING, UniCredit, and BNP Paribas, have established Qivalis, an initiative aimed at launching a euro-denominated stablecoin in the second half of 2026.

Qivalis emerges as a strategic response to the growing need for digital financial sovereignty in the European continent. The company, with operations centered in Amsterdam, has an experienced leadership team: Jan-Oliver Sell, from the cryptocurrency sector, leads the company as CEO, while Howard Davies, with a background in traditional financial institutions, serves as chairman.

The project is currently in the process of seeking authorization from the relevant regulatory authorities, specifically aiming to obtain a license as an electronic money institution from the Dutch central bank. This step is essential to ensure that the stablecoin complies with European regulatory standards.

The Qivalis initiative is not the only move by traditional banking towards stablecoin-based solutions. BNP Paribas, simultaneously, participates in another platform that brings together major financial institutions from both the United States and Europe to explore similar solutions. This convergence of interests reflects a structural shift in the global financial industry towards more innovative and decentralized payment instruments.