The emergence of a euro bank stablecoin represents an important structural step towards the maturity of the European crypto market. For this reason, numerous players are laying the groundwork to launch such a product. A few days ago we wrote about Bancomat's initiative, while today we are talking about an entirely similar asset proposed by a consortium of banks on the old continent, including two significant Italian ones.
For investors in our country, this is a long-awaited sign of integration between traditional finance and blockchain, which could drive investment in products of this type.
The context behind the decision to launch a European stablecoin
A consortium of ten major European banks, including Italy's Banca Sella and UniCredit, announced at the end of last year the launch of a stablecoin pegged to the euro. The news came at a good time for assets of this type, while the global stablecoin market is worth around USD 300 billion. Of these, 98% are pegged to the dollar. This highlights the existence of a concrete structural gap, which does not encourage investment from Europe.
In a European context in which the need for greater regulatory attention, as well as the rapid and full implementation of the MiCA regulation, is constantly being emphasised, the initiative speaks directly to Italian investors in search of compliant digital instruments, which are less exposed to the typical volatility of the crypto market. It is this, in fact, that scares off investors and limits the adoption and spread of blockchain-based payment methods.
Can a bank-backed stablecoin in euros change the landscape in Europe?
Qivalis, the new euro stablecoin expected to debut in the second half of 2026, will be issued by traditional banks and fully compliant with the regulation issued by Brussels. This is indispensable if one wants to strengthen institutional trust and reduce risk. If we want to change the scenario and stimulate the adoption of assets linked to the digital economy, we need to find a way to delineate products that stay within the regulatory perimeter.
The strength of stablecoins is that they are pegged to stable assets, typically fiat currencies, with 1:1 reserves as collateral. This peculiarity makes them more reliable than a typical cryptocurrency and is the reason why they are finding such widespread use today, worldwide (South Korea, not surprisingly, is experiencing a veritable boom of investments in these products). Since it is a privileged tool for bridging the gap between traditional and decentralised finance, it makes sense to devote efforts to the creation of a stable consortium of this kind, in order to advance the European financial system, which is still very much anchored in traditional mechanisms.
Not everyone is convinced that Qivalis will achieve its goal
The detractors of Qivalis, and of the adoption of a stablecoin pegged to the euro, say they are unconvinced precisely because of the specific European context. Since the issuance is planned for the second half of 2026, it would be necessary for the banks that have signed up to it to take action in order to avoid leaving room for possible regulatory delays. Otherwise, a real adoption already threatened by the possible poor integration into banking systems and high transaction costs, compared to existing solutions, would be put even more at risk.
If volumes remained below 50-100 million euros per month, during the first few quarters of issuance, the impact on the crypto market would be limited, according to initial estimates. For Italian investors, as for many Europeans, the key will be in the distinction between payment medium and investment asset. Those looking for the former might remain more lukewarm, while those who wish to allocate part of their savings to the latter, or who appreciate the ambivalence of a versatile instrument, might be attracted to Qivalis, once it becomes effectively tradable.
