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Dec 03, 2025Ten major European banks formed a consortium to launch a MiCA-compliant euro stablecoin by mid-2026, addressing concerns over dollar token dominance in the $300 billion market.
Ten major European banks have formed a consortium to launch a euro-backed stablecoin by mid-2026, in a decisive push to counter U.S. dollar dominance in the $300+ billion global stablecoin market.
Banking Consortium Establishes Leadership Structure Under Dutch Oversight
Qivalis has assembled an experienced leadership team to guide the project from regulatory approval through commercial launch.
Jan-Oliver Sell, former Managing Director at Coinbase Germany who secured the first crypto custody license from BaFin, will serve as CEO alongside CFO Floris Lugt, who previously led Digital Assets Wholesale Banking at ING.
Sir Howard Davies, former Chairman of the Financial Services Authority and RBS, will chair the Supervisory Board, bringing decades of regulatory and banking expertise to the initiative. All appointments remain subject to regulatory approval.
Stablecoin Aims to Enhance European Payment Infrastructure
The consortium’s stablecoin will enable 24/7 access to efficient cross-border payments, programmable transactions, and improvements in supply chain management and digital asset settlements.
The initiative aims to provide near-instant, low-cost payment and settlement capabilities while maintaining compliance with MiCA regulations.
Beyond the banking consortium’s efforts, the ECB continues advancing its digital euro project, with Executive Board member Piero Cipollone describing recent consensus on customer holding limits as a major breakthrough toward a potential 2029 launch.
The European Parliament is also expected to adopt a legislative framework position by May 2026, while member states aim to reach a general agreement by year-end.
Looking ahead, Europe is pursuing a dual approach of private-sector stablecoin development and public digital currency initiatives to modernize payment infrastructure and reduce its reliance on U.S.-dominated systems and private payment giants such as Visa and PayPal.
Sources >> 10 EU Banks Unite to Launch Euro Stablecoin by 2026