BNP Paribas joins European consortium to launch euro-backed stablecoin

• BNP Paribas has joined a consortium now composed of ten European banks – Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, UniCredit – to launch a euro-backed stablecoin.

• A dedicated entity, Qivalis, has been set-up in the Netherlands and has submitted an application for an electronic money license with the Dutch Central Bank.

• This initiative aims to develop the field of digital payments and their potential in Europe by fostering innovation and security in digital transactions. As a partner of this effort, BNP Paribas is exploring the technological benefits of this solution.

In the context of rapid transformation in payments and the growing development of blockchain and digital asset initiatives, BNP Paribas is exploring potential evolutions linked to new technologies for its own activities and is also conducting various joint projects with other banking players. In this context, BNP Paribas is joining this consortium, now composed of ten European banks, to launch a euro-backed stablecoin compliant within MiCAR regulation.

BNP Paribas’ involvement in this project underscores the Group’s commitment to support the shifting needs and usage patterns of its client. This initiative will provide a European alternative to the dollar-backed stablecoin market, contributing to Europe’s strategic autonomy in payments.

BNP Paribas will support the creation of blockchain-based digital payment ecosystems offering secure, reliable solutions that comply with local regulations. These payment solutions, designed to operate “on-chain,” will fully leverage the potential of blockchain technology. The Group, together with its corporate clients, is working to identify and test concrete use cases that address existing needs while ensuring regulatory compliance and long-term sustainability of these new payment methods.

With its governance in place, Qivalis, the new entity based in Amsterdam, is working to obtain its electronic money institution license and preparing to launch the euro-backed stablecoin in the second half of 2026. Please refer to Qivalis’ press release dated 2 December 2025 for details on governance and next steps.