BNP Paribas Joins EU Bank Consortium to Launch Euro Stablecoin
Ten leading European banks, including BNP Paribas, have created a new company called Qivalis, incorporated in the Netherlands, to issue a euro-backed stablecoin. The consortium says the token will serve as a regulated digital euro payment solution designed to enable faster, secure euro payments across the region while adhering to banking compliance and oversight requirements.
The move highlights major banks' effort to offer a regulated private alternative to unregulated stablecoins and to complement public digital currency initiatives. Using a bank-backed issuer, Qivalis aims to reduce friction in cross-border euro transactions and keep settlement flows within regulated institutions, a development that could accelerate tokenised payments in Europe if regulators sign off.
Qivalis will need regulatory approval and to build custody, redemption and compliance infrastructure; market participants will watch for details on reserve composition, redemption rights and interoperability with existing payment rails. If approved, the bank-backed stablecoin could reshape commercial euro payments and become a model for other bank consortia.