BNP Paribas, France’s largest bank by assets, said on Tuesday it would form a joint venture with nine other European banks to focus on issuing stablecoins as traditional financial firms chase the fast-growing digital asset class.
The bank joins an Amsterdam scheme called Qivalis, which is backed by lenders including ING, UniCredit and CaixaBank. According to a press release, the group has applied for an e-money license from the Dutch Central Bank and plans to launch a stablecoin in the second half of 2026.
The joint venture appoints Jan-Oliver Sell as CEO. Sell previously served as an executive in the operations department of German cryptocurrency exchange Coinbase (COIN).
The move aims to establish a blockchain-native digital payments infrastructure in Europe and comply with EU Markets in Crypto-Assets (MiCA) regulations. BNP Paribas said the program will support the development of on-chain payment systems designed to meet the needs of corporate clients while complying with regulatory requirements.
Stablecoins, blockchain-based cryptocurrencies whose prices are primarily pegged to fiat currencies, are expanding rapidly as a cheaper and faster alternative for cross-border payments. The 10 banks backing Qivalis aim to leverage its broad global foothold in the financial sector to provide an alternative to U.S. dollar-pegged stablecoins such as USDT and USDC, which dominate the $300 billion asset class.
The euro-denominated token has lagged in gaining traction, with a supply of just $670 million. Société Générale’s Euro Token (EURCV) was first launched in 2023 and currently has a market capitalization of $62 million. US issuer Circle Internet’s (CRCL) EURC is the market leader with $330 million in funding.
Qivalis is building out its governance framework and expects to receive regulatory approval ahead of its planned debut in 2026, the release added.
Read more: ECB doubles down on warning that stablecoins could pose global financial risks
