A banking consortium led by BNP Paribas aims to develop a euro-denominated stablecoin compliant with the MiCA regulation for use in digital payments.
A group of ten European banks has announced plans to launch a euro stablecoin in the second half of 2026.
The initiative is taking shape through Qivalis, an Amsterdam-based entity formed by the ten banks. BNP Paribas is among the participants and confirmed its involvement in an official statement. The goal is to create a stablecoin fully compliant with the MiCA (Markets in Crypto-Assets) regulatory framework, the EU’s digital asset regulation.
Jan-Oliver Sell, CEO of Qivalis, highlighted the strategic importance of the project: “A native euro stablecoin isn’t just about convenience — it’s about monetary autonomy in the digital age. Presenting new opportunities for European companies and consumers to interact with onchain payments and digital asset markets in their own currency.”
The launch is subject to regulatory approval from the Central Bank of the Netherlands.
The project comes amid an evolving regulatory landscape. While Europe progresses with the MiCA framework, the United States enacted the GENIUS Act, establishing a regulatory framework for payment stablecoins. Signed into law by President Donald Trump in July 2025, this legislation represents the first structured US effort to regulate the sector.
Risks according to the ECB and Dutch Central Bank
Monetary authorities have expressed concerns. Olaf Sleijpen, governor of the Central Bank of the Netherlands, reportedly raised doubts about potential monetary policy risks stemming from the expansion of the stablecoin market.
The European Central Bank has taken a more cautious tone. In a report published in November, the ECB stated that risks associated with stablecoins are likely limited, while noting that “their rapid growth warrants careful monitoring.”
According to Jürgen Schaaf, an ECB advisor, euro stablecoins had a market capitalization below €350 million, representing less than 1% of the global market as of July.
