The European banking consortium Qivalis expanded its network to 37 institutions across 15 countries on May 20, 2026, following the simultaneous integration of 25 new financial entities. Italian firms Intesa Sanpaolo and BPER Banca joined an operational structure that already included UniCredit and Banca Sella since September 2025. The development of this digital asset has a target launch date in the final quarter of 2026, focusing on institutional markets and cross-border payments.
The structure of this digital asset is designed to maintain a 1:1 parity with the euro. According to established technical and financial parameters, the reserves backing the issuance will consist of a minimum of 40% in bank deposits, while the remaining capital will be held in high-quality liquid assets. This financial architecture operates under the framework of an e-money institution, subject to direct supervision by the Dutch Central Bank and in full compliance with the MiCA regulatory framework.
We are not just building a euro stablecoin; we are laying the European financial rails of the future.
25 new banks have joined Qivalis today – bringing our consortium to 37 major institutions united behind one mission: a native, regulated euro in the on-chain financial system,… pic.twitter.com/J3DTm2uc0y
— qivalis (@qivaliseu) May 20, 2026
Through the official consortium announcement data, Chief Executive Officer Jan-Oliver Sell, former head of Coinbase Germany, communicated that relying solely on dollar-denominated networks for transaction settlement is unsustainable for European institutions. The initiative seeks to establish native financial rails within the on-chain system, directly backed by regulated banking entities.
This operational expansion consolidates the involvement of financial entities of the highest tier within the European market. Founding members and current participants include institutions such as ING, Deutsche Bank, CaixaBank, Rabobank, Nordea, and ABN Amro. The strategy of these banks encompasses proprietary balance sheet positions, customer-facing products, and the development of interbank value transfer networks.
Parallel to this private development, the European Central Bank maintains its digital euro timeline project with a schedule contingent upon the passage of European legislation in 2026. The institution projects the start of official development in the third quarter of 2026, aiming for a pilot program limited to a range of between 5,000 and 10,000 users during the second half of 2027. The definitive implementation of the central bank digital currency is conditioned on 2029.
Unlike the digital euro, which is conceived as central bank money focused on retail payments, the Qivalis instrument is commercial bank-issued money on a blockchain, carrying issuer risk under a cooperative structure. The target market for this stablecoin encompasses European exchange platforms, corporate treasuries, and B2B settlements.
The core operational advantage of the model lies in its distribution channels. Industry data provided by Kaiko indicates that approximately two-thirds of card transaction volume in the euro area flows through non-European networks. By issuing the token from the current accounts of participating institutions, corporate clients gain access to shared payment infrastructure systems without the need to manage independent cryptocurrency wallets or interact directly with the underlying technology.
Market metrics reflect an ascending demand for euro liquidity within the blockchain. CoinGecko records show that the monthly volume of the euro stablecoin market grew from $69 million in January 2026 to exceed $777 million by May of the same year.
The historical challenge for these assets has been adoption and market depth. As a benchmark, the EURCV token launched by Société Générale in 2023 reached an approximate circulation of $122 million after two years of operations. The Qivalis framework attempts to mitigate this limitation by providing initial liquidity through the combined networks of its 37 members from the first day of operations.
The project timeline maintains its technical integration phase over the coming months. The confirmation of the banking networks’ capacity to operate smart contracts under the supervision of the Dutch Central Bank will define the viability of the late 2026 launch date.
This article is for informational purposes only and does not constitute financial advice.
