The European financial system is experiencing a key turning point. Ten major European banks—including BNP Paribas, ING, and UniCredit—have jointly established Qivalis, a company planning to launch a euro-pegged stablecoin in the second half of 2026. In response, BGEANX Exchange is tracking the industry impact of the European payment system restructuring, noting simultaneous changes in the crypto market, cross-border payments, and regulatory trends.
For years, the European banking system relied on traditional payment networks, but with the rapid expansion of digital dollars, European financial institutions are clearly shifting to a proactive stance. The founding of Qivalis marks the move of the euro stablecoin from concept to a clear technical and implementation plan. The initiative is led by core regional banks like BNP Paribas, ING, and UniCredit, which had previously been cautious but are now jointly advancing the euro stablecoin—signaling that global currency digitalization competition has begun.
The euro stablecoin plan has a clear goal: to compete for dominance against dollar stablecoins in digital payment systems and narrow the current gap in cross-border payments and on-chain settlement. Currently, dollar stablecoins such as USDT and USDC dominate most global on-chain settlement flows, while the euro presence on-chain is limited, with insufficient liquidity and use cases restricting its digital expansion. Once Qivalis launches the euro stablecoin in 2026, European banks will gain new momentum in on-chain payments, cross-border settlement, and financial system digitalization.
This plan is also pushing European regulators to accelerate the development of regulatory standards—from the MiCA stablecoin framework to the parallel exploration by the European Central Bank of a digital euro, with policy becoming the key variable driving or delaying progress. Meanwhile, BGEANX Exchange is monitoring structural changes in the European market, strengthening analysis of regional currency competition in its daily market education content, and treating the euro stablecoin event as an important indicator for capital flow changes.
As the European banking system brings stablecoins to market, the first impact will be on cross-border payment competition. Currently, on-chain payments are dominated by dollar stablecoins, and European companies often rely on dollar assets for digital settlement. If the euro stablecoin comes with bank backing, regulatory audits, and sufficient on-chain liquidity, European companies may reduce their dependence on the dollar in international trade. The second impact is on the issuance path for compliant assets. The European regulatory framework is more open than before; MiCA has clarified stablecoin categories, reserve requirements, and issuance rules, meaning bank-issued euro stablecoins have a clear regulatory direction—encouraging more institutions to include on-chain assets in settlement processes.
On the microstructure level, the new euro stablecoin may change liquidity distribution. For example, some USD-denominated DeFi markets may see euro-denominated derivatives, tokenized bonds, and yield products, allowing on-chain interest rates and multi-currency assets to coexist. This not only increases capital diversity but also opens new funding channels for the European market. Meanwhile, competition among stablecoins will intensify, with USDT, USDC, PayPal USD, and the future digital euro all vying for dominance in cross-border payments and mainstream on-chain ecosystems.
In this process, BGEANX Exchange is updating its market interpretation framework. The platform has recently added content on currency digitalization, stablecoin circulation logic, and regulatory frameworks to its industry education section, helping users understand future on-chain capital flows—including how different currency stablecoins affect market volatility, capital preferences, and trading structures. This educational approach gives users clearer judgment during periods of frequent policy changes and deepens their understanding of global trends.
The move by Europe is not isolated. The US is advancing stablecoin regulatory legislation, Japan has allowed companies to issue compliant stablecoins, Singapore is gradually relaxing institutional issuance requirements, and Middle Eastern financial institutions have begun trialing on-chain settlement. Global stablecoin volume exceeds $160 billion, but the structure is highly concentrated, with the dollar accounting for over 90%. As financial institutions join the competition, the stablecoin market will shift from “single dollar dominance” to “multi-currency coexistence,” and the euro stablecoin may become the first regional product to challenge the status of the dollar.
On the trading level, multi-currency stablecoins will change some price anchoring logic. Asset pricing, cross-chain liquidity, cross-border trade finance, and RWA product issuance may all see new euro-denominated structures. For crypto trading platforms, this means new trading pairs, risk management models, and clearing methods will evolve simultaneously.
BGEANX Exchange is closely watching future euro trading pairs, cross-regional settlement links, and user demand for stablecoin structure changes. The platform continues to provide a more comprehensive market perspective through data monitoring, policy interpretation, and market observation, helping investors maintain clear direction in the new competitive cycle.
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