What once appeared as a fintech-driven innovation is now increasingly being explored, among other payment options, by established financial institutions, seeking to modernise payments while preserving resilience, trust and regulatory integrity.
For European banks, part of the debate around stablecoins involve how they can be deployed responsibly and at scale, without affecting financial intermediation. Cross-border inefficiencies, settlement delays and the growing demand for 24/7 digital payments are forcing a rethink of existing infrastructures, particularly in corporate and wholesale contexts. At the same time, Europe faces a strategic imperative: ensuring that the future of digital money is not defined exclusively by non-European or dollar-denominated solutions.
Its use cases are expected to be defined by the market. That is, by the users’ experience, who might choose to use stablecoins as a means of dealing with platforms that invite one to use stablecoins as a mean of payments, for instance.
Different users may have different use cases for a stablecoin, especially considering that the stablecoin will not only be available to European bank users, but to a worldwide audience. Therefore, different banks may also have different use cases, depending on their areas of specialisation.
Enterprise use cases
This is the backdrop against which a group of leading European banks, including CaixaBank, has come together to develop a euro-denominated, bank-backed stablecoin fully aligned with the EU’s Markets in Crypto-Assets Regulation (MiCA). Structured as a consortium and supported by a dedicated entity, Qivalis, the initiative reflects a broader shift in mindset across the sector: collaboration, rather than fragmentation, as the path to innovation in payments.
Unlike retail-focused initiatives such as the future digital euro, bank-backed stablecoins are being designed primarily for enterprise use cases. Instant settlement, programmability, and seamless cross-border functionality open new possibilities for treasury operations, supply chain finance and the tokenisation of financial assets. For corporates operating across multiple jurisdictions, the promise is straightforward: faster, cheaper and more predictable payments, available around the clock.
Crucially, these developments are unfolding within a clear regulatory perimeter. MiCA provides a harmonised framework that addresses longstanding concerns around consumer protection, financial stability and governance. By operating under full regulatory supervision as electronic money institutions, bank-backed stablecoins seek to combine the efficiency of blockchain technology with the safeguards traditionally associated with the banking system.
This balance between innovation and trust has become a defining principle for many European banks exploring digital assets. As CaixaBank CEO Gonzalo Gortázar has noted, the pace of disruption in payments is intense, and the final destination remains uncertain. Yet for banks, remaining on the sidelines is not an option. The evolution of payments, much like the rise of instant transfers in previous years, demands active participation to preserve optionality and ensure that new instruments develop in a way that strengthens, rather than undermines, the financial system.
Pragmatic blockchain adoption
The strategic rationale extends beyond efficiency. A euro-denominated stablecoin issued by a consortium of European banks could also help to reinforce Europe’s monetary and technological autonomy. In a market dominated by US dollar-based stablecoins, offering a credible alternative anchored in the euro could reshape how digital value is transferred across global markets, while keeping European standards on data protection, compliance and governance at the centre.
Qivalis, headquartered in Amsterdam and backed by banks such as CaixaBank, ING, BNP Paribas, UniCredit and others, exemplifies this approach. With an experienced leadership team and a governance structure designed to meet regulatory expectations, the project aims to bring a euro stablecoin to market in the second half of 2026. Its focus on real economic use cases, rather than speculative applications, underscores a pragmatic vision of blockchain adoption.
More broadly, the emergence of bank-backed stablecoins signals a new chapter for payments in Europe. It reflects a sector that is no longer reacting defensively to technological change, but proactively exploring options and shaping it. By combining scale, regulatory clarity and collaborative execution, European banks are positioning themselves to play a central role in the next generation of digital payments, one that aligns innovation with stability, and efficiency with trust.
As regulatory clarity converges with technological maturity, stablecoins are moving from optional experimentation to a practical component of Europe’s payments toolkit. Work and efforts from banks, corporates and policymakers continue to integrate stablecoins responsibly to support a more efficient, resilient and competitive European financial system.
