BNP Paribas Joins Consortium to Launch Euro-Backed Stablecoin
- BNP Paribas has joined a consortium of ten major European banks.
- The consortium aims to develop a euro-backed stablecoin through Qivalis.
- Qivalis is a newly established entity based in the Netherlands.
- An application for an electronic money license has been submitted in the Netherlands.
The collaboration of ten European banks, including BNP Paribas, marks a significant step towards creating a regulated digital euro payment solution through Qivalis. The consortium’s submission for an electronic money license highlights their commitment to establishing a compliant framework for the stablecoin initiative.
This development underscores efforts by major financial institutions to integrate stablecoins into the European financial landscape, potentially enhancing cross-border transactions and financial stability within the region. (Source)
