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BNP Paribas Joins European Stablecoin Alliance

BNP Paribas joins nine other major European banks in Qivalis, a joint venture developing a MiCA-compliant euro stablecoin to rival dollar-backed tokens.

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Summary

BNP Paribas, France’s largest bank by assets, has joined nine other European banks in Qivalis, a joint venture to develop a euro stablecoin as an EU-based alternative to dollar-backed tokens like USDT and USDC. Backed by ING, UniCredit, and CaixaBank, the Amsterdam-based group has applied for an electronic money license from the Dutch Central Bank and plans a 2026 launch. Former Coinbase Germany executive Jan-Oliver Sell has been appointed CEO. The initiative will build blockchain-native payment infrastructure compliant with EU Markets in Crypto-Assets regulations, aiming to boost adoption of euro-denominated stablecoins, which currently have a $670 million supply, far behind their dollar peers.

Terms & Concepts
  • Stablecoin: A cryptocurrency pegged to a stable asset like a fiat currency to minimize price volatility.
  • MiCA: Markets in Crypto-Assets Regulation, the EU's framework for regulating cryptocurrencies and related services.
  • Electronic Money License: Regulatory authorization required to issue electronic money within the European Union, ensuring compliance with financial and consumer protection laws.