TechFlow News, March 2: According to CoinDesk, Qivalis—a consortium of 12 European Union banks—is in advanced discussions with cryptocurrency exchanges, market makers, and liquidity providers to ensure sufficient liquidity for its euro-pegged stablecoin on regulated platforms upon its launch in the second half of this year.
The consortium includes ING, UniCredit, BNP Paribas, CaixaBank, and BBVA, among others, and aims to provide the EU with a European alternative to the dollar-dominated stablecoin market, thereby enhancing the EU’s strategic autonomy in payments.
Jan Sell, CEO of Qivalis, stated that the stablecoin will operate on a 1:1 reserve mechanism, with at least 40% of reserves held as bank deposits and the remainder invested in high-quality, short-term sovereign bonds issued by eurozone governments. Reserves will be held across multiple highly rated credit institutions and will support round-the-clock redemption for token holders.
