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At the end of last year, the Qivalis association was established, which includes reputable European credit institutions. The main goal of the members of this alliance is to develop a stablecoin pegged to the European currency. At the moment, the project is at the stage of active consultations with cryptocurrency platforms and liquidity providers. It is assumed that the initial asset placement may take place in the second half of this year.

According to reports, the most likely contender for the initial placement of the stablecoin is the Spanish Bit2Me exchange. Negotiations with this company intensified in February. Qivalis representatives emphasize that the key factor in this process was obtaining the Bit2Me MiCA license, which gives the site the right to legally work with crypto assets throughout the European Union. In addition, BBVA, one of the leading Spanish banks, recently joined the consortium, which probably also contributed to the choice of a partner. Bit2Me itself focuses mainly on the markets of Southern Europe and Latin America, operates in more than a hundred countries, while access for users from the United States on the platform is limited.

Qivalis CEO Jan Sell outlined the strategic intention of creating a stablecoin. According to him, the banking group aims to offer the market a licensed alternative to stablecoins pegged to the US dollar. The new euro-backed instrument is designed to provide holders with some distance from the American financial markets, as well as provide an opportunity for cross-border payments. In addition to BBVA, the consortium includes such reputable financial structures as the Belgian KBC, the Austrian Raiffeisen Bank International, the Dutch ING, the Italian UniCredit, the Spanish CaixaBank, the Danish Danske Bank and others. Currently, Qivalis unites twelve banks.

Floris Lugt, the financial director of the consortium, shared the details of the proposed structure for securing the future of the stablecoin. It is planned to maintain one-to-one parity between the issued tokens and the fiat currency. At the same time, at least forty percent of the reserve funds are expected to be placed on bank deposits. The remaining part is planned to be invested in short-term government securities issued by the EU countries.

The release of a stablecoin backed by the euro and the authority of major financial players can be a significant step for the entire industry.