BNP Joins Euro Stablecoin Project as Name, Leadership Team, Unveiled

BNP Paribas has joined the recently-announced MiCAR-compliant euro stablecoin project from nine European banks, as the name for the venture is unveiled.

Qivalis is seeking to launch, subject to approval and oversight from De Nederlandsche Bank in the second half of 2026, and will do so under the leadership of Jan-Oliver Sell as CEO, with Floris Lugt as CFO. Former FCA chair and deputy governor of the Bank of England, Sir Howard Davies, will serve as chair of the venture.

The consortia says the naming and establishment of a leadership group is “a clear signal that Europe’s largest financial institutions are taking concrete steps to build a digital, on-chain and trusted future anchored in the collective credibility and regulatory oversight of leading European banks”.

“The launch of a euro-denominated stablecoin, backed by a consortium of European banks, represents a watershed moment for European digital commerce and financial innovation,” says Sell, who was previously managing director of Coinbase in Europe. “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. It enables European and global fintech companies, SMEs, and consumers to transact seamlessly across borders while maintaining the stability and trust they associate with the euro.”

Qivalis will enable 24/7 access to cross-border payments, programmable payments, and improvements in supply chain management and digital asset settlements, from tokenised assets to crypto currencies,” the group states. “The stablecoin will provide near-instant, low-cost payments and settlements.”

Davies is keen to stress the importance of the project, by noting, “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.”