Qivalis: the digital money in which CaixaBank and 9 other European banks participate

BarcelonaQivalis is the name of the consortium of 10 European banks, including CaixaBank, that will launch their own digital currency during the second half of next year. Specifically, a stablecoinThat is, a digital currency linked in this case to the euro. stablecoin It will allow for near-instantaneous, low-cost payments and settlements, available 24/7, including cross-border transactions, improved supply chain management, and settlement of digital assets such as securities and cryptocurrencies.

They are currently working to obtain authorization and supervision from the Central Bank of the Netherlands, where they have established their headquarters—it is a country with more advantageous tax regimes—as an electronic money institution (EMI). The management team of the new company, incorporated in Amsterdam (Netherlands), announced the details of the initiative this Tuesday. which was announced in September With nine banks already participating, the consortium now includes the French bank BNP Paribas. In addition to CaixaBank and BNP Paribas, the consortium also includes the Dutch bank ING, the Italian banks Banca Segella and Unicredit, the Belgian bank KBC, the Danish bank Danske Bank, the German bank DekaBank, the Swedish bank SEB, and the Austrian bank Raiffeisen Bank International. The consortium, which aims to increase the euro's presence in the world of digital currencies, currently dominated by the dollar, is open to adding more banks. In fact, discussions are underway with other institutions that have expressed interest. The company's supervisory board will be chaired by Howard Davies, who was the first chairman of the UK Financial Services Authority, director of the London School of Economics, and chairman of RBS, as well as deputy governor of the Bank of England and director general of the CBI. In addition, Jan-Oliver Sell will be the CEO of the new company. He was the managing director of Coinbase Germany, as well as an executive at Binance and iFunded. Floris Lugt will be the CFO, or chief financial officer. He was head of digital assets for ING's wholesale banking division and CEO of that bank's subsidiary in France.

The entity's board will have at least three independent members—one of whom will be the chairman himself, Howard Davies—and three representatives from the consortium's banks, who will serve on a rotating basis. Other members are currently being selected. The shareholders' meeting will be comprised of all participating entities.

Monetary Autonomy

Generally, the stablecoins currently existing the Private companies are promoting it, such as Circle (Euro Coin or Euroc), linked to the euro, as is Stasis, or even some banks on their own, as is the case with the French Société Générale. Furthermore, the European Central Bank (ECB) plans to launch the digital euro. According to Qivalis representatives, the ECB's digital euro will be "complementary" to the instrument used by commercial banks.

"The launch of a stablecoin The euro-denominated call, backed by a consortium of European banks, represents a pivotal moment for European digital commerce and financial innovation. stablecoin A native euro currency is not just a matter of convenience: it's about monetary autonomy in the digital age. It presents new opportunities for European businesses and consumers to interact with on-chain payments and digital asset markets in their own currency. It allows fintechs "Global, SMEs, and European consumers can transact seamlessly across borders, maintaining the stability and confidence associated with the euro," says Sell. With its governance structure defined, Qivalis is working to obtain regulatory approval and plans to launch thestablecoin in euros in the second half of 2026. This digital payment instrument, based on technology blockchainIt aims to establish itself as a trusted benchmark in the European financial ecosystem. "This infrastructure is essential if Europe wants to compete globally in the digital economy while preserving its economic independence. We are not just building payment methods; we are ensuring that European values regarding data protection, financial stability, and regulatory compliance are integrated into the future of digital money," says Howard Davies.