News, data and analysis on tokenized assets, market design and digital economic systems.
The Amsterdam joint venture of 37 European banks that intends to issue a euro stablecoin under MiCA, and has not issued one. De Nederlandsche Bank authorised it as an electronic money institution on 14 October 2026; it plans to begin issuance within the next months, and already holds a seat in the Eurosystem's Appia contact group.
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. De Nederlandsche Bank authorised it as an electronic money institution on 14 October 2026, which the company called a decisive regulatory condition for issuance. The token has not launched: issuance is planned to begin within the next months, subject to MiCA's remaining requirements and publication of its white paper, where earlier releases had promised a launch in the second half of 2026.
Developments in which Qivalis B.V. is a named party, newest first.
Qivalis, owned by 37 European banks, may now issue a euro stablecoin under EU rules. It still has to publish the token's disclosure document, and names no date, no blockchain and no size for the first issue.
Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, MUFG and fifteen others say they will establish a company this half to support a USD stablecoin, with a euro one to follow and nothing else settled.
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.
The Amsterdam company backed by 37 European banks became eligible to issue a euro stablecoin under MiCA. Issuance is planned within the next months, after the remaining MiCA requirements and its white paper; no date, blockchain or first issue size was named.
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.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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