BNP Paribas announced on Tuesday that it will join a European banking consortium aiming to launch a euro-backed stablecoin in the second half of 2026.
The initiative seeks to create a European alternative to dollar-backed stablecoins, which currently dominate the market, the French bank stated in a press release. It views this project as a way to enhance Europe’s strategic autonomy in the payments sector, particularly in response to US dominance.
Stablecoins are cryptocurrencies, such as Bitcoin. They rely on blockchain technology, a decentralised ledger for transaction security.
Unlike Bitcoin, whose fluctuating value complicates daily use —it has dropped 16% since 1 January 2025— stablecoins aim for stability by pegging their value to robust traditional currencies like the euro or the dollar.
The consortium, established in late September, includes nine other European banks such as Belgium’s KBC, Italy’s UniCredit, and ING in the Netherlands.
Named Qivalis, the Amsterdam-based entity announced Tuesday that it is working towards obtaining electronic money institution approval to roll out the stablecoin by mid-2026.
Europe’s progress in this area lags behind that of the United States, which has aggressively pushed stablecoin development under Donald Trump’s administration.
Currently, most existing stablecoins are tied to the dollar.
In late September, François Villeroy de Galhau, Governor of the Bank of France, warned of the risk Europe faces if a privately issued, non-European stablecoin linked to the dollar achieves widespread use.
