The CEO of the new company, based in Amsterdam, will be Jan-Oliver Sell, who previously worked at Coinbase in Germany. ING’s head of digital assets Floris Lugt will be chief financial officer, and former NatWest chairman Howard Davies will be chairman, the group said at a news conference in Amsterdam on Tuesday.
The banks participating in the project, first announced in September, were originally ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank and Raiffeisen Bank International. BNP Paribas has also joined the group, Lugt reported on Tuesday.
“Stablecoins” — a type of cryptocurrency designed to maintain a constant value and backed by traditional currencies — have seen strong growth in recent years, driven by El Salvador-based company Tether, which has about $185 billion of its dollar-based token in circulation.
A host of major US financial firms have been preparing to launch their own dollar-backed stablecoins after US President Donald Trump will sign a law which establishes standards for stablecoins.
Qivalis is in the process of applying for an Electronic Money Institution (EMI) license from the Dutch central bank.
It hopes to launch its stablecoin early in the second half of 2026, and the licensing process will take between six and nine months, according to Sell.
