Qivalis, the group of European Union banks developing a MiCA-compliant euro stablecoin, is in advanced discussions with crypto exchanges, market makers and liquidity providers as it prepares to roll it out 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 that the token is available on regulated trading platforms from day one to ensure liquidity, according to Jan Sell, CEO of Qivalis.
The initiative aims to provide a European alternative to the US-dominated stablecoin market, thereby 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 the euro, without relying on traditional financial rails or foreign third-party providers.
The Netherlands-based company is eyeing European and international platforms as it seeks to position the stablecoin as a regulated alternative to US dollar-denominated tokens and as a tool for real-time cross-border corporate payments.
Spanish crypto exchange Bit2Me has confirmed it has held discussions with one of the group’s banks, although most platforms declined to comment.
Qivalis did not immediately respond to a request for confirmation from CoinDesk.
According to Cinco Dias, Qivalis also disclosed details about the token’s reserve structure. The stablecoin will be backed at a 1:1 ratio, with at least 40% of reserves held in bank deposits and the remainder allocated to short-term high-quality sovereign bonds from the Eurozone, diversified across EU countries. Reserves will be held with several 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 Markets in Crypto Assets (MiCA).
