Ten European banks, including ING, UniCredit, and BNP Paribas, have established a new company named Qivalis, aiming to launch a euro-backed stablecoin in the second half of 2026. This initiative seeks to counter the dominance of the U.S. dollar in digital payments. Headquartered in Amsterdam, Qivalis is led by former Coinbase Germany CEO Jan-Oliver Sell as CEO and former NatWest Chairman Howard Davies as Chairman. The company is currently applying for an electronic money institution (EMI) license from the Dutch central bank. BNP Paribas is also involved in another project exploring stablecoins, alongside ten major banks from the U.S. and Europe, highlighting a growing interest in stablecoin solutions across the financial sector.