BNP Paribas, France’s largest bank by assets, said Tuesday it was joining 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, supported by lenders including ING, UniCredit and CaixaBank. The group has applied for an electronic money license from the Dutch Central Bank and plans to deploy the stablecoin in the second half of 2026, according to a statement.
The company brought on Jan-Oliver Sell as CEO. Sell previously served as an executive in operations at cryptocurrency exchange Coinbase (COIN) in Germany.
The move aims to create a blockchain-native digital payment infrastructure in Europe that complies with European Union regulations on markets in crypto-assets (MiCA). 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 whose prices are primarily linked to fiat currency, are rapidly growing as a cheaper and faster cross-border payments alternative. The 10 banks backing Qivalis aim to leverage their vast global presence in the financial sector to offer an alternative to dollar-pegged stablecoins like USDT and USDC that dominate the $300 billion asset class.
Euro-denominated tokens were slow to gain traction, only registering a supply of $670 million. The Euro token (EURCV) of French lender Société Générale debuted in 2023 and now has a market value of $62 million. The EURC of the American issuer Circle Internet (CRCL) is the market leader with $330 million.
Qivalis is developing its governance framework and hopes to receive regulatory approval ahead of a planned 2026 debut, the press release added.
Read more: ECB doubles down on warning that stablecoins could pose global financial risks
