A consortium of ten leading European banks has teamed up to launch a new euro-pegged stablecoin, aiming to disrupt the dominance of the US dollar in the stablecoin market. The initiative, expected to hit the market by late 2026, marks one of the most ambitious efforts yet to challenge the established order in this space. The group initially announced their collaboration in September 2025, with participants including Banca Sella, CaixaBank, Danske Bank, DekaBank, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Now, BNP Paribas has officially joined the initiative. The consortium has established a new company called Qivalis in the Netherlands and is actively pursuing an Electronic Money Institution (EMI) license.