Launch of Qivalis Marks Major Step Toward a Euro-Backed Stablecoin as BNP Paribas Enters Ten-Bank Initiative

Launch of Qivalis Marks Major Step Toward a Euro-Backed Stablecoin as BNP Paribas Enters Ten-Bank Initiative

(IN BRIEF) BNP Paribas has become the tenth member of a European banking consortium developing a MiCAR-compliant euro-backed stablecoin through a newly created Netherlands-based entity, Qivalis. The initiative aims to strengthen Europe’s digital payment capabilities, provide a secure on-chain alternative to dollar-denominated stablecoins, and promote technological innovation across the financial sector. Qivalis has submitted its application for an electronic money institution license to the Dutch Central Bank and is targeting a stablecoin launch in the second half of 2026. BNP Paribas’ involvement reflects the bank’s commitment to supporting emerging digital payment models and exploring blockchain-based solutions with its clients, ensuring regulatory compliance and long-term sustainability. The consortium believes the project will play an important role in Europe’s strategic autonomy in payments and in building fully regulated digital transaction ecosystems.

(PRESS RELEASE) PARIS, 2-Dec-2025 — /EuropaWire/ — BNP Paribas has joined a growing consortium of major European banks working together to introduce a euro-backed stablecoin, marking a significant step in advancing Europe’s position in digital payments. The consortium — now made up of ten institutions including Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit — has created a dedicated entity called Qivalis, based in the Netherlands, which has already applied for an electronic money license with the Dutch Central Bank.

The initiative is designed to spur innovation in digital transactions, reinforce security in blockchain-enabled payments, and build a distinctly European alternative to existing dollar-backed stablecoins. BNP Paribas’ participation reflects the Group’s broader strategy of evaluating emerging technologies and assessing their relevance for future financial services. As payment systems evolve rapidly and blockchain solutions mature, the bank continues to collaborate across the industry to explore use cases that align with regulation while providing reliable, long-term value.

By joining the consortium, BNP Paribas signals its commitment to supporting clients’ changing needs and contributing to Europe’s strategic autonomy in the payments landscape. The planned euro-backed stablecoin — developed in compliance with the Markets in Crypto-Assets Regulation (MiCAR) — aims to underpin trusted digital transactions, support programmable payment models, and facilitate new digital ecosystems operating directly on blockchain networks.

Qivalis, the Amsterdam-based entity leading the initiative, is now focused on securing its regulatory license and preparing the operational framework required to launch the stablecoin in the second half of 2026. BNP Paribas is working with corporate clients to identify high-value use cases, test applications, and ensure that any blockchain-based payment solutions aligned with the project meet robust regulatory, security, and sustainability standards.

Full details on governance and the next development phases are available in the Qivalis press release dated 2 December 2025.

About BNP Paribas

Leader in banking and financial services in Europe, BNP Paribas operates in 64 countries and has nearly 178,000 employees, including more than 144,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Türkiye, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.

Media contacts:

Indira Salinas
indira.salinas@bnpparibas.com
+33 (0) 7 89 56 44 79

SOURCE: BNP Paribas