EU Banks Seek Exchange Partners for 2026 Stablecoin Launch

European banks forming the Qivalis consortium are actively courting crypto exchange partners as the group prepares to roll out a euro-pegged stablecoin in the second half of 2026. The banking alliance, which now counts ING, UniCredit, and BBVA among its members, has entered advanced negotiations with exchanges, market makers, and liquidity providers, according to a Monday report by Spanish business newspaper Cinco Dias.

Qivalis Expands Membership and Exchange Outreach

The Qivalis consortium was first unveiled in September 2025 with nine founding institutions: ING, UniCredit, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank, and Banca Sella. The group has since welcomed BBVA as its newest member, broadening the alliance's footprint across the European banking sector.

Jan Sell, Qivalis CEO and a former head of Coinbase in Germany, confirmed that the consortium is evaluating partnerships with both European and international platforms. The initiative aims to deliver a regulated, domestic alternative to US dollar-denominated stablecoins, according to Sell.

It's essential for our core use cases, such as facilitating real-time, cross-border business-to-business payments and global trade.

— Jan Sell, CEO of Qivalis

What Are the Stablecoin's Reserve Requirements?

The planned euro stablecoin will maintain reserves backed 1:1, with a minimum of 40% held in bank deposits, according to Qivalis CFO Floris Lugt. The remaining portion will be allocated to short-term, high-quality euro-area sovereign bonds, a structure designed to avoid concentration risk in any single country, Lugt said during a presentation.

Lugt also confirmed that the euro stablecoin will offer 24/7 redemption for token holders. The shareholder banks themselves will serve as additional distribution channels alongside the exchange partners currently under negotiation.

MiCA Compliance Shapes Partner Selection

Qivalis is requiring that all prospective distribution partners comply with European Union regulatory frameworks, including the bloc's Markets in Crypto-Assets Regulation. This emphasis on MiCA-licensed counterparties underscores the consortium's positioning as a fully regulated player in the digital asset space.

According to the Cinco Dias report, Bit2Me, a MiCA-licensed exchange based in Spain, is among the platforms that have already held discussions with one of the consortium's member banks. The project's global ambitions and strict compliance stance signal an effort to differentiate the Qivalis stablecoin from existing unregulated alternatives in the European market.