European Banks Launch Euro-Pegged Stablecoin Consortium:-🔥🔥💥💥
A consortium of 10 European banks has founded a company named Qivalis to develop a euro-pegged stablecoin, which will be an alternative to dollar-pegged cryptocurrencies in global digital payments systems. The euro-pegged token will be released in H2 2026 but will await approval from regulators first.
Key Details- Participating Banks: BNP Paribas, ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caix
- Leadership: The CEO will be Jan-Oliver Sell, who is currently the CEO of Coinbase Germany. The chair will be Howard Davies, who is currently chair at NatWest.
- Initial Focus: Stablecoins initially focus on serving cryptocurrency trades and payments, and this may expand over time. Regulatory Approval and Concerns- Regulatory Approval: Qivalis aims to secure an Electronic Money Institution license from the Dutch Central Bank and has worked with the ECB. - Concerns: Regulators have expressed concern regarding the implications of private stablecoins on banks.