Qivalis Euro (QEUR) pre-launch stablecoin tracker
QEUR is a pre-launch MiCA-oriented euro stablecoin from Qivalis, a 37-bank consortium targeting H2 2026 issuance under a Dutch EMI license.
Phase
Current launch phase
Target launch
Target drift
First target, unchanged
Since announcement
Announced Sep 2025
Live surfaces
Activates at launchPrice & peg · Supply & flows · Liquidity · Safety Score · DEWSThirty-Seven Banks, One Euro
Qivalis is a consortium of 37 banks across 15 countries preparing a euro stablecoin, and De Nederlandsche Bank granted it electronic money institution authorisation in October 2026. Its members include BNP Paribas, ING, UniCredit, BBVA, ABN Amro, Intesa Sanpaolo, Rabobank and Nordea, which makes this the euro banking sector's own bid for a MiCA electronic money token. The planned reserve puts at least 40% in bank deposits and the remainder in short-term euro-area sovereign bonds spread across EU countries, with 24/7 promised. The stated plan is Ethereum first, using the Fireblocks ERC-20F standard with built-in allowlist and denylist controls and a permissioned KYC layer, then Polygon and Base; the September 2026 Ethereum confirmation came through secondary reports rather than a Qivalis press release. The licence clears the regulatory gate, but issuance still waits on the remaining MiCA requirements and a published white paper, and Qivalis has published neither a ticker nor a launch date. Until then, reserves, and redemption rights remain pre-launch commitments.
· AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-19
AI policy
QEUR Launch path
Announced phase, targeting Q4 2026 on its first target; 13 milestones logged since Sep 2025.
Launch status narrative
37-bank consortium across 15 countries (May 20 expansion added ~20 members incl. ABN Amro, Intesa Sanpaolo, Rabobank, Nordea, Raiffeisen Bank International, up from 17); Fireblocks selected as core infrastructure partner Apr 21; French Finance Minister Lescure publicly endorses project (Apr 17); De Nederlandsche Bank granted Qivalis electronic money institution authorisation, announced October 14 2026; Qivalis says issuance will begin in the coming months once MiCA requirements are met and the token white paper is published; ERC-20F standard with built-in governance/AML/KYC; launching on Ethereum (primary), Polygon, Base with permissioned KYC layer; ticker not yet published by Qivalis. No launch date accompanied the authorisation and the H2 2026 target stands; September 8 2026 secondary reports reaffirmed public Ethereum as the issuance chain without a Qivalis press release
Launch status: quick answers
- When will QEUR launch?
- Pharos records QEUR in the announced phase. It was announced in Sep 2025. The current launch target is Q4 2026. Targets come from issuer statements; Pharos does not estimate launch dates.
- Who issues QEUR?
- QEUR is a pre-launch MiCA-oriented euro stablecoin from Qivalis.
- Is QEUR live yet?
- Pharos lists QEUR as pre-launch (the announced phase): no price and market-cap source is admitted for it yet, so Pharos shows no price, supply, liquidity or Safety Score. Live tracking starts once both can be verified.
QEUR Activity
- Regulatory
De Nederlandsche Bank authorises Qivalis as an electronic money institution
Qivalis announced that DNB granted it electronic money institution authorisation, making it eligible to issue euro electronic money tokens. Qivalis says issuance will begin in the coming months once MiCA requirements are met and the token white paper is published. No launch date or ticker was given.
Source - Announcement
Qivalis appoints Olga Elsenga as Chief Risk and Compliance Officer
Qivalis appointed Olga Elsenga, formerly Head of Legal at ClearBank Europe and a management board member at Worldline's Global Collect Services, as Chief Risk and Compliance Officer effective October 1 2026. The company states it is still progressing towards DNB authorisation as an electronic money institution, is not yet authorised, and plans to launch before the end of 2026.
Source - Regulatory
Qivalis says it is close to securing the DNB EMI licence and targets go-live by end of 2026
CEO Jan-Oliver Sell told CoinDesk the company has grown to about 40 staff and is close to securing the Dutch electronic-money-institution licence, with the aim of going live with a regulated euro stablecoin by the end of the year. DNB authorisation remains the gate; the H2 2026 window is unchanged and no token has launched.
Source - Milestone
Qivalis confirms its euro stablecoin will issue on public Ethereum
Issuer confirmation, reported by Genfinity and echoed by Ethereum institutional ecosystem accounts, that the 37-bank consortium's token will be issued on public Ethereum using Fireblocks ERC-20F with built-in allowlist and denylist controls, with exchange and market-maker liquidity talks continuing pending the DNB licence.
Source - Regulatory
EMI licence application confirmed formally pending before DNB
Third-party analysis and Qivalis's own site confirm the electronic-money-institution application has been formally submitted and is pending before De Nederlandsche Bank ('applied… not yet authorised'); the exact filing date is unpublished. Date reflects the confirming publication, not the filing.
Source
Earlier activity (8)
- Milestone
Consortium expands to 37 banks across 15 countries
Roughly 20 additional institutions join, including ABN Amro, Intesa Sanpaolo, Rabobank, Nordea, and Raiffeisen Bank International, up from 17 members.
Source - Partnership
Second wave of banks join: Sabadell, Bankinter, Abanca, Kutxabank, Cecabank: consortium now 17 members
Five Spanish and European banks expand the consortium beyond the original 12 founding members.
Source - Partnership
Fireblocks selected as core infrastructure partner for tokenization and treasury management
ERC-20F standard with built-in governance controls, AML/KYC, sanctions screening, and fraud monitoring; multi-institution architecture supporting granular permission controls across member banks.
Source - Regulatory
French Finance Minister Lescure publicly endorses Qivalis and euro stablecoins
At a Paris crypto conference, Lescure called current euro stablecoin volumes 'not satisfactory' and urged EU banks to accelerate tokenized deposits, a sharp reversal from predecessor Bruno Le Maire's stance that private stablecoins had 'no place on European soil'.
Source - Milestone
CEO warns of 'digital dollarization' without euro stablecoin infrastructure
Jan-Oliver Sell highlights euro's 0.2% on-chain share; EMI license described as in final stages; positions Qivalis as a euro infrastructure layer rather than a token.
Source - Milestone
Advanced talks with crypto exchanges for day-one liquidity
Qivalis in discussions with exchanges, market makers, and liquidity providers for regulated platform listings.
Source - Partnership
BBVA joins Qivalis, taking the consortium to 12 European banks
ING, UniCredit, BNP Paribas, CaixaBank, BBVA, Banca Sella, Danske Bank, DekaBank, DZ BANK, KBC, Raiffeisen Bank International, and SEB.
Source
Featured coverage
CaixaBank and Qivalis partner to launch a euro stablecoin
Spanish banking giant CaixaBank partners with Qivalis to develop a fully regulated euro stablecoin under MiCA, targeting crypto exchanges and DeFi protocols.
BNP Paribas joins European consortium to launch euro-backed stablecoin
12 European banks, including ING, UniCredit, BNP Paribas, CaixaBank, and BBVA, unite under Qivalis for a MiCA-compliant euro stablecoin targeting H2 2026.
France's finance minister calls for more euro stablecoins, expresses Qivalis support
Roland Lescure reverses Paris's prior hostility to private stablecoins, specifically backing Qivalis and urging EU banks to accelerate tokenized deposits.
European banks back Amsterdam-based euro stablecoin project Qivalis
The Qivalis consortium expands to 37 banks across 15 countries as it awaits a Dutch EMI license to launch its MiCA-compliant euro stablecoin in H2 2026.