Qivalis, the group of EU banks developing a MiCA-compliant euro stablecoin, is in advanced discussions with crypto exchanges, market makers and liquidity providers as it prepares to roll out in the second half of this year, Spanish 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 Qivalis CEO Jan Sell.
The initiative is designed to provide a European alternative to the US-dominated stablecoin market, 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 euros without relying on traditional financial rails or foreign third-party providers.
The Dutch-based venture is considering European and international venues as it seeks to position the stablecoin as a regulated alternative to US dollar-denominated tokens and a tool for real-time cross-border business payments.
Spanish crypto exchange Bit2Me confirmed that it has held talks with one of the group’s banks, although most platforms declined to comment.
Qivalis did not immediately respond to a CoinDesk request for confirmation.
According to Cinco Dias, Qivalis also revealed details of the token’s reserve structure. The stablecoin will be backed 1:1, with at least 40% of reserves in bank deposits and the rest allocated to high-quality, short-term Eurozone government bonds diversified across EU countries. The reserves will be held with several highly rated credit institutions and the design includes 24/7 redemption for token holders.
The consortium is seeking permission from the Dutch central bank under the EU’s Markets in Crypto-Assets (MiCA) framework.
