A group of 10 major European banks, including ING, UniCredit, and BNP Paribas, has established a new entity named Qivalis. The consortium aims to launch a Euro-denominated stablecoin in the second half of 2026. The initiative, reported by Reuters, is designed to counter the dominance of US-based digital payment systems. Qivalis is currently applying for the necessary regulatory approvals to operate as a digital asset entity.