BNP Paribas, France’s largest bank by assets, said on Tuesday it is joining nine other European banks in a joint venture focused on issuing a stablecoin as traditional financial firms chase the fast-growing digital asset class.
The bank joins an Amsterdam-based initiative called Qivalis, which is backed by lenders including ING, UniCredit and CaixaBank. The group has applied for an electronic money license from the Dutch central bank and plans to roll out the stablecoin in the second half of 2026, according to a release.
The company chose Jan-Oliver Sell as managing director. Sell previously served as head of crypto exchange Coinbase’s (COIN) operation in Germany.
The move is aimed at building digital payment infrastructure in Europe that is blockchain-native and compliant with the EU’s Markets in Crypto-Assets (MiCA) rules. BNP Paribas said the initiative will support the development of onchain payment systems designed to meet the needs of corporate customers while complying with regulatory requirements.
Stablecoins, blockchain-based cryptocurrencies with prices largely pegged to fiat money, are expanding rapidly as a cheaper and faster alternative to cross-border payments. The 10 banks backing Qivalis aim to leverage their vast global foothold in finance to offer an alternative to the dollar-pegged stablecoins like USDT and USDC that dominate the $300 billion asset class.
The euro-denominated tokens have lagged in gaining traction and only register a supply of $670 million. French lender Société Générale’s euro token (EURCV) debuted in 2023 and now has a market cap of $62 million. US-based issuer Circle Internets (CRCL) EURC is the market leader with $330 million.
Qivalis is expanding its governance framework and expects to receive regulatory approval ahead of the planned debut in 2026, the press release added.
Read more: ECB doubles down on warning that Stablecoins may pose global financial risks
