Kyvaris, a consortium of major European banks, is in advanced discussions with crypto exchanges and liquidity companies for the planned distribution of a Europegged stablecoin, Spanish business newspaper Cinco Dias reported on Monday.
The group, which includes banks such as ING, UniCredit, and recently added BBVA, is working towards launching a stablecoin in the second half of 2026, Cinco Diaz reported.
The consortium is reportedly currently in advanced discussions with crypto exchanges, market makers, and liquidity providers. Banks themselves, who are shareholders, will also be able to distribute stablecoins.
The news comes several months after the banks first announced a consortium in September 2025 with nine initial members including ING, UniCredit, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank and Banca Sella.
Qivalis is considering European and international partners
Jan Sell, CEO of Qivalis and former head of Germany’s Coinbase, said the consortium is considering partnerships with both European and international platforms.
He noted that this is consistent with the project’s global vision and its priorities of providing a “regulated domestic alternative to USD-denominated stablecoins.”
“This is essential for our core use cases, including real-time cross-border business-to-business payments and facilitating global trade,” he said.
The consortium is looking for partners that comply with the European Union’s regulatory framework, including the European Union’s crypto asset market regulations. According to the report, Bit2Me, a MiCA licensed exchange in Spain, is one of the platforms that has held discussions with one of the banks in the consortium.
Related: AllUnity, backed by Deutsche Bank, launches Swiss franc stablecoin CHFAU
Kivaris Chief Financial Officer Floris Lugut reportedly said during the presentation that the stablecoin’s reserves will be at least 40% backed by bank deposits on a 1:1 basis.
He said the remainder would be held in high-quality short-term sovereign debt from eurozone countries to avoid concentration in a single country. He also said that the Euro stablecoin will support token holders’ redemption 24/7.
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