Qivalis, the group of European Union banks developing a MiCA-compatible euro stablecoin, is in advanced talks with cryptocurrency exchanges, market makers and liquidity providers as it prepares for its launch 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 US-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 avenues or foreign third-party providers.
The Netherlands-based company is considering European and international venues as it seeks to position the stablecoin as a regulated alternative to US dollar-denominated tokens and a tool for real-time cross-border corporate payments.
Spanish cryptocurrency exchange Bit2Me confirmed that it has held talks with one of the group’s banks, although most of the platforms declined to comment.
Qivalis did not immediately respond to a request for confirmation from CoinDesk.
According to Cinco Días, Qivalis also revealed 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 eurozone sovereign bonds diversified across EU countries. Reserves will be held at multiple highly rated lending 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 for Crypto Assets (MiCA) framework.
