Qivalis, led by former Coinbase Germany executive, is redefining the EU's euro stablecoin strategy

Crypto exchange Coinbase’s former executive in Germany, Jan-Oliver Sell, has now taken the helm of Europe’s most ambitious financial project. The new venture, called Qivalis, is preparing to challenge the dominance of dollar-backed stablecoins in the global market and intends to do so with the strength of nine major European banks. Sell’s background in the German exchange sector provides a solid foundation for this project in the crypto finance space.

Bringing Crypto Experience to the Next-Generation Project

Jan-Oliver Sell was appointed to manage Qivalis, and this appointment demonstrates how seriously the European banking sector is approaching digital asset technology. Sell’s tenure at Coinbase Germany provided him with in-depth knowledge of the dynamics of the crypto market. The experience gained on German exchange platforms guides the development of the stablecoin project in compliance with regulatory requirements. This transition is a significant sign of increasing interest from traditional finance in blockchain technology.

Historic Collaboration of Europe’s Top Ten Banks

BNP Paribas, France’s largest bank, has joined Qivalis, bringing support from ten European financial institutions. Prestigious credit institutions such as ING, UniCredit, and CaixaBank are also part of this joint venture. Amsterdam-based Qivalis has applied for an electronic money license from the Dutch Central Bank and is preparing to launch its euro stablecoin in the second half of 2026. This broad participation clearly indicates the value placed on digital payment infrastructure by the European banking sector.

Market Opportunity and Challenges for the Euro Stablecoin

Euro-denominated tokens face significant challenges against the dominance of dollar-based stablecoins like USDT and USDC. Dollar-backed stablecoins are the leading asset class with a total of $300 billion in assets. In contrast, the supply of euro stablecoins in the market has only reached $670 million. The EURCV token launched by Société Générale in 2023 has a current valuation of $62 million. EURC offered by Circle Internet has a market value of $330 million, making it the most successful euro stablecoin in Europe. These figures highlight the vast growth potential ahead for Qivalis.

MiCA Compliance as a Strategic Advantage

The Qivalis project is designed to be fully compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCA). This regulatory framework compliance transforms the project into a legitimate institutional payment infrastructure. BNP Paribas has announced that the venture will offer blockchain-based solutions tailored to the needs of corporate clients. Compared to other players in the digital asset market, MiCA compliance provides Qivalis with a clear regulatory advantage.

A New Era in Cross-Border Payments

Stablecoins, as crypto assets linked to fiat currency, have the potential to revolutionize the international payment system. They can offer faster and cheaper alternatives to the traditional SWIFT system and bank transfers. Qivalis emphasizes this advantage, especially for cross-border transactions within Europe. A system that offers storage options in its own currency alongside dollar-backed stablecoins is a strategic necessity for the European banking sector.

In conclusion, the Qivalis project led by Jan-Oliver Sell demonstrates Europe’s firm stance on financial technology. By combining Germany’s and other European countries’ experiences in the crypto market, this project has the potential to revolutionize the euro stablecoin market by 2026.