Qivalis, a consortium comprising 37 banks across 15 European countries, is developing a euro-pegged stablecoin aimed at trade finance and cross-border settlement. The project plans to launch the token on the public Ethereum blockchain in the second half of 2026, pending a regulatory decision from De Nederlandsche Bank (DNB).
Currently in its pre-issuance regulatory phase, Qivalis has not yet minted any tokens. The successful issuance is contingent on DNB granting authorization for Qivalis to operate as an electronic money institution under the EU’s Markets in Crypto-Assets Regulation (MiCA), which involves demonstrating compliance with capital requirements, governance standards, and consumer protection obligations.
Structured as an electronic money token under MiCA, Qivalis plans to back its stablecoin with at least 40% in bank deposits and the remainder in high-quality euro-area sovereign bonds. The consortium selected Fireblocks as its technology partner for tokenization and compliance infrastructure in April 2026.
Established in September 2025 and formally branded in December of that year, Qivalis has seen significant growth, expanding from nine founding member banks to its current 37. Jan-Oliver Sell leads Qivalis as CEO, with Sir Howard Davies serving as the chair of the supervisory board.
Qivalis targets the Europe-Asia trade finance corridor, a market valued at approximately $5 trillion annually. Traditional trade finance often involves paper-based processes, numerous intermediaries, and settlement times measured in days. By introducing an on-chain euro settlement layer, Qivalis aims to shorten these settlement periods and reduce the counterparty risk inherent in multi-step transactions.
The decision to deploy on the public Ethereum blockchain marks a departure from the preference for permissioned or private blockchains seen in many bank-led digital currency initiatives. Qivalis is instead leveraging Ethereum’s composability and existing decentralized finance (DeFi) ecosystem.
In the broader stablecoin market, dollar-denominated stablecoins dominate with over 95% of global market share, while euro-denominated stablecoins represent a smaller fraction, between 0.2% and 1%. Although competitors such as Circle (EURC) and Societe Generale’s Forge unit (EUR CoinVertible) have introduced euro-denominated stablecoins, Qivalis’s extensive multi-bank consortium backing could offer a substantial distribution network and a competitive edge.
Despite the potential for efficiency gains in trade finance, the project faces key uncertainties, primarily the pending regulatory decision from De Nederlandsche Bank. The future market share of euro-denominated stablecoins and the long-term value of utilizing a public blockchain remain to be determined. The project is currently on hold, awaiting confirmation of regulatory approval before it can proceed with issuing its stablecoin.
Why This Matters
The development of Qivalis’s euro stablecoin for trade finance is a significant institutional effort, but its success is contingent on regulatory approval from De Nederlandsche Bank and market adoption in a nascent euro stablecoin space.
Broader Context
Qivalis’s initiative highlights the ongoing efforts to leverage blockchain technology for trade finance, with the consortium aiming to address inefficiencies in the Europe-Asia corridor.
