Nine major European banks, including ING and UniCredit, have formed a consortium to launch a euro-pegged stablecoin through a new company, Qivalis, targeting a launch in the second half of 2026. The initiative, based in Amsterdam, seeks e-money licensing from Dutch authorities and aims to enhance financial autonomy in Europe by providing a regulated, efficient payment solution. Led by Jan-Oliver Sell and Sir Howard Davies, Qivalis plans to offer low-cost, near-instant cross-border payments and facilitate cryptocurrency settlements, positioning itself as a European alternative to US dollar stablecoins. The consortium, which will include BNP Paribas, emphasizes regulatory compliance, financial stability, and data protection, aiming to preserve European economic independence and improve transactional efficiencies.