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A consortium of European banks, Qivalis, is in discussions with cryptocurrency exchanges and liquidity providers to introduce a euro-pegged stablecoin. The listing is anticipated for the latter half of the year. The Spanish exchange Bit2Me, which holds a license from the European regulator (MiCA), is considered the most likely platform for this launch.
Talks with the Spanish exchange intensified in February after it received a license allowing it to operate legally with cryptocurrencies in Europe, and following the inclusion of the Spanish bank BBVA into Qivalis. According to Jan Sell, the CEO of the consortium, the banks aim to create a “regulated alternative to dollar-denominated stablecoins” to provide coin holders with “independence from U.S. markets” while also facilitating cross-border trade.
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Bit2Me is registered in Spain and focuses on Southern Europe and Latin America, operating in over 100 countries, as stated on the exchange’s website. However, the platform is not available to users from the United States.
It is expected that following the launch of the stable token, at least 40% of the reserve funds, which will ensure a 1:1 peg to the euro, will be held in bank deposits, while the remainder will be invested in short-term sovereign bonds from EU countries. This approach aims to prevent asset concentration in a single country, according to Qivalis CFO Floris Lugt. The stablecoin will support 24/7 token redemption for holders, as promised by the executive.
The consortium was established at the end of last year and currently includes 12 major banks, such as KBC, Raiffeisen Bank International, ING, UniCredit, CaixaBank, and Danske Bank.
