BNP Paribas Joins European Consortium to Launch Euro-Backed Stablecoin
- BNP Paribas is joining nine other banks in a venture called Qivalis to issue a stablecoin.
- The group has applied for an electronic money license from the Dutch Central Bank.
- The stablecoin is expected to launch in the second half of 2026.
- Jan-Oliver Sell, formerly of Coinbase, has been appointed as CEO of Qivalis.
- Euro-denominated stablecoins currently have a supply of only $670 million compared to their dollar-pegged counterparts.
This initiative aims to create a blockchain-native payment infrastructure compliant with EU regulations, addressing the growing demand for digital assets in Europe. The consortium seeks to provide an alternative to dominant dollar-pegged stablecoins like USDT and USDC.
With the planned launch of its stablecoin in late-2026, BNP Paribas and its partners hope to enhance cross-border payment solutions within Europe.(Source)
