SS #79 - European Banks Push 2026 Launch for Euro Stablecoin

📢 Sponsor | 💡 Telegram | 📰 Past Editions

Good morning.

Europe’s biggest banks are stepping directly into the stablecoin race. A 12 member consortium under the Qivalis alliance is targeting a 2026 launch for a fully euro backed token, aiming to chip away at the dollar dominance in digital assets.

Enjoy the read!

Let us know what sort of coverage you would like to see from the new publication.

If you know anybody who would benefit from this content, please help us spread the word!

In Today's Edition:

• Headline: European Banks Push 2026 Launch for Euro Stablecoin

• Quick Bites: Anchorage Releases First USAT Attestation

• Yield of the Week: Pendle coreUSDC LP 26.44% APY

You read and share. We listen and improve. Send us feedback at [email protected].

HEADLINE

State of play: 12 major European banks under the Qivalis alliance plan to launch a euro-pegged stablecoin in the second half of 2026. Members such as BNP Paribas, ING, UniCredit, and BBVA are joining forces to challenge dollar-backed stablecoins.

• The token will be backed 1:1 with the euro, with at least 40% of reserves held in bank deposits and the rest in high-quality, short-term eurozone sovereign bonds. The structure is designed to ensure full backing and 24/7 redemption.

• Led by former Coinbase Germany head Jan Sell, Qivalis plans to operate under the EU’s MiCA framework.

• The consortium is working with exchanges and liquidity providers to support listings at launch, while member banks will distribute the token through their own channels.

What’s Next: Over the next year, Qivalis will focus on securing final regulatory approvals under MiCA, finalizing its reserve and custody structure, and locking in exchange listings and liquidity support.

Why it Matters: Euro stablecoins currently make up a small share of the market, which remains dominated by USD-pegged tokens. European banks see room to compete, especially in cross-border payments and institutional settlement.

Our Take: Long term success will depend on whether it can build real payment and settlement utility strong enough to overcome existing dollar network effects.

QUICK BITES

• PayPal, MoonPay and M0 launch PYUSDx.

• Anchorage releases first USAT attestation showing $17.6M in reserves.

• Sony Bank & JPYC to test yen stablecoin buys from customer accounts.

• Senate housing bill amendment proposes to block US CBDC until 2030.

• Barclays exploring blockchain settlement tools as banks brace for stablecoin.

YIELD OF THE WEEK

Pendle coreUSDC LP: 26.44% APY

• coreUSDC is a token issued by Upshift Finance that automatically allocates USDC across top-performing vaults, the pool currently holds ~$3.63M in liquidity.

• Yield is primarily driven by the underlying strategy, with 25.45% underlying USDC yield, alongside 0.88% fixed PT yield and 0.11% Pendle LP incentives.

• PT coreUSDC offers 6.53% fixed APY if held to maturity on 30 Apr 2026.

pmUSD-frxUSD LP Vault: 23.6% APY

• The vault accepts pmfrxUSD deposits and issues yvCurve-pmUSD-frxUSD-f vault shares, which automatically compound yield.

• TVL stands at ~$1.64M on Ethereum, with a 30-day APY of 27.4%.

• The vault carries an overall risk score of 1/5, though LP mechanics and underlying pool assets introduce additional exposure.

USDG : 17.46% APY

• USDG currently has a reserve size of $48.20M, with $6.33M in available liquidity and an 86.86% utilization rate.

• Total supplied stands at $48.20M out of a $60.00M cap. Suppliers earn 17.46% APY, while total borrowed amounts to $41.87M out of a $50.00M borrow cap.

• The reserve factor is set at 20.00%, and the oracle price remains stable at $1.00. USDG cannot be used as collateral within the protocol.

If you enjoy reading this issue, please consider subscribing. It takes 1 minute of your time, but it would mean the world to us 🙇

Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.