A consortium of ten European banks, including BNP Paribas, plans to launch a euro-pegged stablecoin by the second half of 2026. The stablecoin will be issued by Qivalis, an entity authorized by the Dutch Central Bank, and will comply with the EU's Markets in Crypto-Assets (MiCA) framework, pending regulatory approval. Qivalis CEO Jan-Oliver Sell emphasized the importance of monetary autonomy in the digital age, highlighting the stablecoin's potential to enhance onchain payments and digital asset interactions in Europe. The initiative comes as the US prepares to implement the GENIUS Act, a law establishing a framework for payment stablecoins. Meanwhile, the European Central Bank (ECB) has noted that while the risks associated with stablecoins are currently limited, their rapid growth warrants close monitoring. Euro-denominated stablecoins currently have a market capitalization of less than 350 million euros, representing under 1% of the global market.