- A consortium of 12 European banks has reportedly launched Qivalis Ventures to create a MiCA-compliant Euro-denominated stablecoin.
- The stablecoin is expected to launch around H2 of 2026, possibly in Q4 (Oct-Dec).
- Qivalis could offer custodial services similar to PYUSD.
- Qivalis could also have powers, such as the ability to confiscate assets under AML laws.
- USD stablecoins have a 90% market share worldwide, with USDT alone commanding nearly 60% dominance.
- Euro stablecoins like EURt by Tether already exist in the market, but they are non-European.
New Euro Stablecoin Debuts Around November 2026
Reportedly, 12 European banks have formed a consortium named Qivalis Ventures to launch a MICA-compliant Euro Stablecoin within the second half of 2026. The stablecoin is Euro-denominated and will be backed by Euro and Euro-equivalent assets, such as pacini bonds and money market funds.
Fireblocks, a tokenization platform, is responsible for the creation and technical operations.
Qivalis Reportedly to Offer Custodial Services too, like PayPal
Qivalis Ventures is reportedly looking to launch a stablecoin similar to PYUSD in terms of custodial services, AML compliance, and operations.
PYUSD is offered inside the PayPal platform but can be moved to self-custody wallets such as MetaMask.
However, a note should be taken that PYUSD was highly unpopular among its users due to its ability to freeze and sweep the tokens of users. We expect the same powers might also be present in Qivalis’s Euro Stablecoin.
Europe Worried About USD Dominance in Stablecoins
European businesses and users have been leaning towards US dollar-denominated stablecoins for international transfers due to their ease of access and speed. Anyone can buy USD stablecoins from any exchange or DEX with or without KYC.
The same worries European regulators, who find it difficult to regulate them within the European Union because, being dollar-pegged stablecoins, they have their headquarters in the US.
Recently, the Deputy Governor of the Bank of France raised his concerns around the dominance of Dollar stablecoins while demanding that a European equivalent should exist.
Market Dominance of US Stablecoins
As of Week 4 of April 2026, US Stablecoins have a 90% dominance over a net $322 billion market, with USDT alone dominating 59% of the total market, which also contains EURt, a Euro stablecoin, and XAUt, a gold-backed stablecoin.
Disclaimer: BFM Times acts as a source of information for knowledge purposes and does not claim to be a financial advisor. Kindly consult your financial advisor before investing.
