BNP Paribas and European Banks to Launch Euro-Backed Stablecoin by 2026
- BNP Paribas joins nine other banks in a consortium to create a euro-backed stablecoin.
- The stablecoin is expected to launch in the second half of 2026.
- The initiative aims to compete with US dollar-backed stablecoins, which currently dominate the market.
- A new company called Qivalis has been established and is applying for an Electronic Money Institution (EMI) license in the Netherlands.
- Qivalis plans to grow its workforce to fifty employees within two years and will issue a MiCAR-compliant stablecoin.
This collaboration among major European banks signals a significant move towards enhancing monetary sovereignty through digital solutions, potentially reshaping the financial landscape in Europe. The current market shows euro-pegged stablecoins valued at approximately $605 million compared to $315 billion for dollar counterparts.
The upcoming euro-backed stablecoin could provide European businesses with more autonomy in digital transactions as it prepares for its launch in 2026. (Source)
