Qivalis has appointed former Germany managing director Jan-Oliver Sell as chief executive officer. Sell previously led efforts to secure a German crypto-custody licence from BaFin. ING’s former head of digital assets wholesale banking, Floris Lugt, will serve as chief financial officer, while former UK regulator and bank chair Sir Howard Davies will chair the supervisory board. All appointments still require regulatory approval.
The company plans to apply for authorisation as an Electronic Money Institution with De Nederlandsche Bank. The licensing process could take six to nine months, after which Qivalis expects to introduce its euro-pegged stablecoin in the second half of 2026, subject to supervisory clearance.
European authorities continue to assess the systemic impact of large-scale stablecoin use. Officials at the European Central Bank and the European Systemic Risk Board have warned that rapid growth in foreign-currency stablecoins could affect monetary policy transmission and financial stability, especially where reserves sit in non-European assets.
The positions its project as a regulated alternative that keeps reserves in the euro area and aligns with the EU’s Markets in Crypto-Assets framework. Parallelly, the ECB continues work on the digital euro, targeting a possible launch around 2029.
Taken together, Qivalis and the digital euro represent a dual strategy. European policymakers and banks seek to modernise payments, support blockchain-based finance and reduce long-term dependence on dollar-based private tokens and non-European payment networks.
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