Interesting development I was following. A group of 12 major European banks — BNP Paribas, ING, UniCredit, BBVA, and others — is pushing forward with an ambitious project: launching a euro stablecoin by the second half of 2026 under the Qivalis umbrella.

This move strikes me because it represents one of the most serious attempts by the European banking industry to challenge the absolute dominance of dollar-denominated stablecoins. Currently, over 95% of the market is denominated in USD, which means the euro has virtually zero influence in the global digital asset ecosystem.

How will it work technically? The euro stablecoin will be backed 1:1 in euros, exactly. At least 40% of the reserves will be held in traditional bank deposits, while the rest will be invested in high-quality eurozone sovereign bonds with short maturities. This design reduces concentration risk while maintaining full backing and allowing 24/7 redemptions.

What makes this proposal relevant is its focus on compliance with MiCA — the new EU regulation on crypto assets. It means the euro stablecoin will be built to operate legally within the European Union, positioning it for real-time cross-border payments and faster settlements.

Personally, I see two interesting aspects here: first, it’s a clear signal that European banks don’t want to stand by while the dollar completely dominates global digital payments. Second, if the euro stablecoin succeeds, it could effectively expand the role of the euro in the international payments ecosystem and digital assets.

The launch is scheduled for the second half of 2026. It’s worth monitoring how this project develops in the coming months.