Qivalis, an alliance formed by 12 banks in the EU, plans to launch a euro stablecoin in the second half of this year.

PANews March 2nd news, according to CoinDesk, Qivalis was formed by 12 EU banks including ING, UniCredit, BNP Paribas, CaixaBank, and BBVA. The consortium is in deep discussions with multiple crypto exchanges, market makers, and liquidity providers, planning to launch a MiCA-compliant euro-pegged stablecoin in the second half of this year, with sufficient liquidity available immediately on regulated platforms. Qivalis stated that the stablecoin will be backed 1:1 by at least 40% bank deposits and the remainder by high-quality, short-duration eurozone sovereign bonds as reserves, with custody by several high-rated institutions, and will support 24/7 redemption. The project is currently applying to the Dutch central bank for authorization under the MiCA framework, aiming to provide a regulated alternative to dollar stablecoins and a real-time cross-border corporate payment tool for the eurozone.