The Qivalis Alliance, comprising 12 major European banks, is advancing its euro stablecoin project, aiming for a launch in the second half of 2026. The alliance, which includes CaixaBank, BNP Paribas, ING, UniCredit, and BBVA, is in late-stage discussions with crypto exchanges, market makers, and liquidity providers for distribution partnerships. The stablecoin will be pegged 1:1 to the euro, with at least 40% of reserves held as bank deposits and the remainder primarily in high-rated short-term eurozone sovereign bonds, offering 24/7 redemption capabilities.