The ECB seats 61 advisers, and 19 of them back a euro stablecoin
The Eurosystem published the 61 members of the Appia contact group, the forum that will advise it on settling tokenized assets in central bank money.
Issuer
Qivalis B.V.
The Amsterdam joint venture of 37 European banks that intends to issue a euro stablecoin under MiCA, and has not issued one. It is pursuing authorisation from De Nederlandsche Bank as an electronic money institution, plans to launch in the second half of 2026, and already holds a seat in the Eurosystem's Appia contact group.
The profile
Qivalis was founded in September 2025 and is domiciled in Amsterdam, established by a consortium of European banks to issue a single euro-denominated stablecoin backed one for one under a full reserve model, distributed through partners rather than directly. Membership went from twelve banks in February 2026, when BBVA joined Banca Sella, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB and UniCredit, to 37 institutions across 15 European countries on 20 May 2026, when 25 more joined including ABN AMRO, Intesa Sanpaolo, Nordea, Rabobank, Erste Group, Groupe BPCE, Helaba, Cecabank and Swedbank. Its stated case is a dependency rather than an opportunity: it says only 0.2 per cent of global stablecoin circulation is euro-denominated. The chief executive is Jan-Oliver Sell and the supervisory board, appointed in January 2026, is chaired by Sir Howard Davies. Everything on its own site is written in the future tense, because authorisation from De Nederlandsche Bank as an electronic money institution has not been granted and the token has not launched; the company says it continues to engage with regulators while advancing operational readiness for a launch in the second half of 2026.
Products and services
- Euro stablecoin
- A euro-denominated token intended to be backed one for one with euro fiat under a full reserve model and issued under MiCA, supervised by De Nederlandsche Bank. Not yet issued, and dependent on an electronic money institution authorisation the company is still pursuing.
- Consortium ownership
- The issuer is a joint venture of its member banks rather than an independent firm, which is the feature that distinguishes it from a dollar stablecoin issuer: the distribution network and the shareholder register are the same institutions.
- On-chain settlement uses
- The company names corporate treasury liquidity, atomic settlement of tokenized bonds, receivables and real estate, euro-denominated settlement for exporters in place of correspondent networks, and programmable payments through smart contracts.
Coverage
Developments in which Qivalis B.V. is a named party, newest first.
On the record
Eurosystem names the 61 members of its Appia contact group
The ECB published on 19 August 2026 the 61 participants selected to advise the Eurosystem on Pontes and on the Appia roadmap, replacing two earlier groups from September 2026. Nineteen seats belong to the Qivalis euro stablecoin consortium or to Qivalis itself. Axiology said a day later that Pontes goes live on 21 September with four registered DLT operators.