BNP Paribas, France’s largest bank by assets, said on Tuesday it will join nine other European banks in a joint venture focused on issuing a stablecoin as traditional financial firms pursue the fast-growing digital asset class.
The bank joins an Amsterdam-based initiative called Qivalis that is backed by lenders such as ING, UniCredit and CaixaBank. The group has applied for an e-money license from the Dutch Central Bank and plans to launch the stablecoin in the second half of 2026, according to a statement.
The company appointed Jan-Oliver Sell as CEO. Sell previously served as an executive operating cryptocurrency exchange Coinbase (COIN) in Germany.
The move aims to build a digital payments infrastructure in Europe that is native to blockchain and complies with the European Union’s Markets in Crypto Assets (MiCA) regulations. BNP Paribas said the initiative will support the development of on-chain payment systems designed to meet the needs of corporate clients while aligning with regulatory requirements.
Stablecoins, blockchain-based cryptocurrencies with prices tied predominantly to fiat money, are rapidly expanding as a cheaper and faster cross-border payments alternative. The 10 banks backing Qivalis aim to leverage their vast global presence in finance to offer an alternative to dollar-pegged stablecoins like USDT and USDC that dominate the $300 billion asset class.
Euro-denominated tokens have been slow to gain traction, recording just one supply of $670 million. French lender Société Générale’s euro token (EURCV) debuted in 2023 and now has a market value of $62 million. EURC from US issuer Circle Internet (CRCL) is the market leader with $330 million.
Qivalis is developing its governance framework and expects to receive regulatory approval before the planned debut in 2026, the press release added.
Read more: ECB doubles down on warning that stablecoins could pose global financial risks
