Bank-backed euro stablecoin project gets name and leadership team

The Amsterdam-domiciled venture – supported by Banca Sella, BNP Paribas, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit – has been called Qivalis.

Developed in accordance with the European Union’s Regulation on Cryptocurrency Markets (MiCAR), the new digital payment instrument, leveraging blockchain technology, will provide near-instant, low-cost cross-border payments and settlements. It is envisaged that individual banks will be able to provide value added services, such as a stablecoin wallet and custody.

Qivalis is working towards Dutch Central Bank authorisation and supervision as an Electronic Money Institution under the leadership of Jan-Oliver Sell, previously managing director at Coinbase Germany.

Sell is joined by CFO Floris Lugt, who previously was lead, digital assets, wholesale banking at ING. Former chairman of the Financial Services Authority and deputy governor of the Bank of England Sir Howard Davies will serve as chairman of the supervisory board.

US dollar-based stablecoins currently account for some 99% of total stablecoin market capitalisation. In contrast, euro-denominated stablecoins remain marginal – with market capitalisation of less than €350 million.

Say Sell: “A native Euro stablecoin isn’t just about convenience – it’s about monetary autonomy in the digital age. Presenting new opportunities for European companies and consumers to interact with on-chain payments and digital asset markets in their own currency.”

Adds Davies: “This infrastructure is essential if Europe wants to compete globally in the digital economy while preserving its economic independence. We’re not just building payment rails; we’re ensuring that European values around data protection, financial stability, and regulatory compliance are embedded into the future of the next level of digital money.”