Qivalis Euro (QEUR) — Pre-Launch Stablecoin

Twelve Banks, One Euro

Qivalis is the European banking establishment's answer to USDC and Tether: a MiCA-compliant euro stablecoin backed by a consortium of 12 major banks including BNP Paribas, ING, UniCredit, and BBVA. The reserve design — 40% bank deposits, 60% short-term eurozone government bonds — reads like a money market fund with a blockchain address. Qivalis B.V. is seeking an EMI license from the Dutch Central Bank, and no blockchain has been announced yet, which suggests the consortium is still negotiating whether they want Ethereum's liquidity or a permissioned chain's control. The central tension is whether twelve banks that compete fiercely in every other market can cooperate long enough to ship a product before Circle's EURC and SocGen's EURCV eat the entire MiCA-compliant euro stablecoin market.

Updated 2026-03-17