The first euro stablecoin, Qivalis, will be introduced in mid-2026 by a consortium of ten European banks, including Italy's UniCredit and Banca Sella. In addition to the two Italian banks, the pan-European consortium includes: ING from the Netherlands, KBC from Belgium, Danske Bank from Denmark, DeKa Bank from Germany, SEB from Sweden, Caixa from Spain, and Raffeisen Bank International from Austria. BNP Paribas of France has already joined the initial core of nine institutions, and the initiative's promoters have underlined that the consortium is open to other banks. "This digital payment instrument, which leverages blockchain technology", said Qivalis executives, "aims to become a trusted European payment standard in the digital ecosystem". The Qivalis euro stablecoin will allow for near-instantaneous and low-cost payments and settlements. It will provide 24-7 access to efficient international payments, programmable payments, and better supply chain management. The sector is now dominated by two US dollar-denominated stablecoins, Tether and USD Coin, which account for roughly 90% of the market.