The entity formed by 10 banks is working on obtaining regulatory approval from the Dutch Central Bank to launch a stablecoin “in the second half of 2026.”
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A group of 10 banks plans to introduce a euro-pegged stablecoin in 2026 under an entity authorized by the Dutch Central Bank.
In a Tuesday notice, BNP Paribas it would join nine other EU-based banks in an effort to launch a euro-backed stablecoin “in the second half of 2026.” The Amsterdam-based entity formed by the banks, Qivalis, will launch a stablecoin compliant with the region’s Markets in Crypto-Assets (MiCA) framework, subject to regulatory approval.
“A native euro stablecoin isn’t just about convenience — it’s about monetary autonomy in the digital age,” Qivalis CEO Jan-Oliver Sell. “Presenting new opportunities for European companies and consumers to interact with onchain payments and digital asset markets in their own currency.”
The move toward a significant euro-pegged stablecoin comes as US regulators prepare to implement a law establishing a framework for payment stablecoins in the country. The bill, called the GENIUS Act, was signed into law by US President Donald Trump in July.
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Amid the EU banks’ efforts, Dutch Central Bank Governor Olaf Sleijpen reportedly to monetary policy as the stablecoin market grows. The European Central Bank (ECB) released a report in November associated with stablecoins were likely limited, but “the rapid growth justifies close monitoring.”
According to ECB adviser Jürgen Schaafhe, euro-denominated stablecoins of less than 350 million euro, or about $407 million at the time of publication. This represented less than 1% of the global market as of July.
Stablecoin issuer Tether ended redemptions for its euro-pegged coin, EURt, on Nov. 25, about one year after support. The company said at the time that its decision was based on the EU’s MiCA regulations, with CEO Paolo Ardoino for stablecoins.
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