Consortium Architecture

1. The Qivalis Joint Venture

Qivalis is a joint venture incorporated in Amsterdam, Netherlands, formed by twelve major European banks to issue a regulated, euro-pegged stablecoin under the EU's MiCA framework. The company is seeking Electronic Money Institution (EMI) authorization from De Nederlandsche Bank (DNB), the Dutch central bank, ahead of a planned H2 2026 launch.

Key structural facts:

• Domicile — Amsterdam, Netherlands; supervised by De Nederlandsche Bank (DNB)
• Legal form — Joint venture of twelve member institutions
• CEO — Jan Sell, former head of Coinbase Germany
• Authorization sought — Electronic Money Institution (EMI) license from DNB under MiCA
• Target launch — Second half of 2026

2. Member Institutions

The consortium has grown from an initial nine-bank group formed in September 2025 to twelve members. BNP Paribas joined in December 2025; BBVA joined in early February 2026, shelving its own independent euro stablecoin project. The consortium remains open to additional bank members.

• BNP Paribas — France; joined December 2025
• ING — Netherlands
• UniCredit — Italy
• BBVA — Spain; joined February 2026, shelved solo project
• CaixaBank — Spain
• Danske Bank — Denmark
• DZ Bank — Germany
• SEB — Sweden
• KBC — Belgium
• Raiffeisen Bank International — Austria
• DekaBank — Germany
• Banca Sella — Italy

3. Reserve Structure

The Qivalis euro stablecoin will be backed 1:1 with euro-denominated reserves. MiCA mandates specific reserve composition and segregation requirements for e-money tokens (EMTs). The consortium's reserve design is structured as follows:

• At least 40% — held in bank deposits at multiple highly rated EU credit institutions
• Remainder — allocated to high-quality, short-term euro-area sovereign bonds diversified across EU member states
• 24/7 redemption — token holders entitled to par redemption at any time, as required under MiCA for significant EMTs
• Multi-custodian structure — reserves held across multiple institutions to reduce concentration risk

4. Strategic Positioning

Qivalis is explicitly designed as a "regulated, domestic alternative to US dollar-denominated stablecoins" within the European Union — addressing both monetary sovereignty concerns and the practical demand for 24/7 cross-border settlement infrastructure. Target use cases include real-time cross-border business payments, programmable payments, supply chain finance, and digital asset settlement (tokenized assets and cryptocurrencies).

The initiative sits alongside the European Central Bank's digital euro project — a two-track European payments story: central-bank money on one side, MiCA-regulated private settlement tokens on the other.