EU banks’ euro-pegged stablecoin in talks with crypto exchanges to ensure liquidity

• Qivalis, a group of major EU banks developing a euro-pegged stablecoin, is in advanced talks with crypto exchanges, market makers and liquidity providers to ensure the token is listed on regulated platforms and has strong liquidity from day one.
• The token will be backed 1:1 by a mix of bank deposits and high-quality short-term euro-area sovereign bonds, and aims to offer a regulated European alternative to dollar stablecoins.

Qivalis, the group of European Union banks developing a MiCA-compliant euro stablecoin, is in advanced discussions with crypto exchanges, market makers and liquidity providers as it prepares to roll out in the second half of this year, Spanish business daily Cinco Días reported on Monday.

The group, which includes ING, UniCredit, BNP Paribas, CaixaBank and BBVA, wants to ensure the token is available on regulated trading platforms from day one to ensure liquidity, according to Qivalis CEO Jan Sell.

The initiative is designed to provide a European alternative to the U.S.-dominated stablecoin market, contributing to the EU's strategic autonomy in payments, the banks said. A euro-pegged token would allow businesses and consumers in the bloc to make blockchain-based payments and settlements using euros, without relying on traditional financial rails or foreign third-party providers.

The Netherlands-based venture is considering European and international venues as it seeks to position the stablecoin as a regulated alternative to U.S. dollar-denominated tokens and a tool for real-time cross-border corporate payments.

Spanish crypto exchange Bit2Me confirmed it has held talks with one of the group's banks, though most platforms declined to comment.

Qivalis did not immediately respond to a CoinDesk request for confirmation.

According to Cinco Dias, Qivalis also disclosed details about the token’s reserve structure. The stablecoin will be backed 1:1, with at least 40% of reserves held in bank deposits and the remainder allocated to high-quality, short-term euro-area sovereign bonds diversified across EU countries. The reserves will be held with multiple highly rated credit institutions, and the design includes 24/7 redemption for token holders.

The consortium is seeking authorization from the Dutch central bank under the EU’s Markets in Crypto-Assets (MiCA) framework.

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