3.1 Member Banks

The Qivalis consortium brings together ten leading European banks, expanded from an initial group of nine following the addition of BNP Paribas in late 2025.

Together, these institutions represent roughly €15 trillion in combined assets, providing immediate distribution scale for the stablecoin across the EU.

3.2 Geographic Coverage

The consortium includes banks from Northern, Western, Central, and Southern Europe, covering the main economic regions of the EU.

This geographic breadth supports cross-border use cases in trade, tourism, and supply chains from the initial rollout phase.

3.3 Leadership and Governance

Qivalis B.V., the operating entity based in Amsterdam, is led by a management team with experience bridging traditional banking and crypto-native platforms.

• CEO: Jan-Oliver Sell (formerly Coinbase Germany and Binance).
• CFO: Floris Lugt (previously Digital Assets Lead at ING).
• Chairman: Sir Howard Davies (former chair of NatWest and the UK FSA).

Governance is consortium-based, with validator nodes and key protocol decisions controlled collectively by the ten founding banks.

4.1 MiCAR Classification and Licensing

Under MiCAR, the Qivalis euro token is structured as an E-Money Token (EMT), meaning it must be fully backed by fiat-denominated reserves and provides a direct claim on the issuer.

This classification imposes stringent requirements on reserve quality, redemption rights, disclosures, and ongoing supervision across the EU.

4.2 EMI Authorization with DNB

Qivalis has applied for Electronic Money Institution authorization with De Nederlandsche Bank, which will serve as the lead competent authority.

The licensing process typically spans six to nine months; Qivalis is currently in a verification phase focused on reserve management and recovery plans, with approval targeted by Q2 2026.

4.3 White Paper and Disclosure Obligations

MiCAR requires Qivalis to publish a detailed crypto-asset white paper similar to a securities prospectus, covering issuer details, technology, reserves, risks, and sustainability metrics.

This document must be “fair, clear, and not misleading” and made available in machine-readable formats and relevant EU languages for each market where the token is offered.

4.4 User Rights under MiCAR

Token holders benefit from statutory protections including unconditional redemption rights at par, clear complaint procedures, and liability rules for unauthorized or incorrect transactions.

These rights are designed to make Qivalis behave more like regulated electronic money and less like a speculative or unregulated crypto asset.

5.1 Token Design and Reserve Model

The Qivalis Euro is a fully reserved, 1:1 euro-pegged token backed by cash deposits and high-quality liquid assets, including short-term EU government bonds.

Reserves are kept in segregated accounts outside the balance sheets of member banks to avoid commingling and to protect token holders in the event of issuer or bank stress.

5.2 Multi-Layer Network Architecture

Qivalis follows a “Base-Layer + Satellite” architecture with EVM compatibility at its core, supporting both private and public-chain deployments.

A high-speed settlement layer (e.g., Polygon AggLayer or a private subnet) is used for wholesale transactions, while wrapped tokens are made available on public Ethereum Layer 2 networks such as Base and Arbitrum for retail and DeFi use.

5.3 Smart Contract Features

The token uses an ERC-20 standard with additional compliance extensions tailored for institutional requirements.

• Whitelisting: Only wallets that have passed KYC at a member bank and are represented in an on-chain identity registry can hold Qivalis.
• Kill-switch and clawback: The issuer can freeze or reclaim tokens associated with fraud, sanctions violations, or regulatory orders.
• Atomic delivery-versus-payment: Built-in support for simultaneous exchange of tokenized assets and Qivalis simplifies settlement of digital securities.

5.4 On-Chain Compliance and Proof of Reserves

An embedded compliance engine enforces AML/KYC and Travel Rule requirements at the protocol layer, integrating with identity sharing architectures such as TRISA.

Real-time or near real-time proof-of-reserves dashboards link bank reserve accounts to on-chain supply via oracles, allowing independent verification of 1:1 backing.

5.5 Operational Infrastructure and Node Governance

Member banks rely on institutional-grade custody providers and MPC-based key management for secure operations.

Validator nodes are operated by the ten founding banks, and a consortium multisig can pause contracts under specific emergency conditions, in line with MiCAR safety requirements.

6.1 Programmable Payments and Industry 4.0

Qivalis enables condition-based payment flows integrated with IoT, logistics platforms, and ERP systems, supporting fully automated invoicing and pay-on-delivery structures.

Smart contracts can automatically release funds upon confirmed delivery events or production milestones, reducing manual intervention and settlement risk.

6.2 24/7 Wholesale Settlement

The stablecoin offers TARGET2-like finality without the constraints of banking hours, holidays, or weekend cut-offs.

Large corporate treasuries can reduce “capital in transit” by settling intra-European obligations instantly at any time, improving liquidity and working capital efficiency.

6.3 Digital Asset Trading and Tokenized Securities

Banks plan to use Qivalis as the settlement leg for tokenized bonds and other digital securities, enabling atomic settlement of cash and assets.

This reduces counterparty and settlement risk compared to legacy T+2 processes and opens new markets for tokenized instruments.

6.4 Tourism, Retail, and Cross-Border Payments

In retail and tourism, Qivalis aims to lower card fees and FX friction for cross-border transactions within the euro area and with select partners.

Near-instant settlement allows merchants and service providers to reconcile cashflows more quickly while offering end-users improved pricing and loyalty rewards.

7.1 Role of Founding Banks

The founding banks act not only as shareholders but also as primary distributors of Qivalis, embedding it directly into their online and mobile banking channels.

Users access Qivalis through interfaces they already trust, eliminating the need to manage separate crypto wallets or seed phrases.

7.2 Example Integration Paths

Each founding bank emphasizes different use cases aligned with its client base and strengths.

• ING focuses on programmable treasury and API-based corporate payments integrated into ERP systems like SAP.
• UniCredit positions Qivalis as the settlement leg for tokenized bonds and structured products.
• BNP Paribas develops institutional custody infrastructure for funds and asset managers.
• Banca Sella and CaixaBank emphasize SME smart invoicing and pay-on-delivery features to improve cash flow.

7.3 User Experience: Retail and Corporate Flows

Retail users see a “Digital Euro” or “Q-Wallet” balance alongside traditional accounts in their bank app, with simple swap and send functionality.

Corporate users interact primarily via APIs and treasury dashboards, with banks handling blockchain complexity and gas fees behind the scenes.

8.1 Founding Members

Founding members operate validator nodes, hold full governance rights, and share in reserve interest and network-level revenues.

They also shape the roadmap for new chains, features, and markets supported by Qivalis.

8.2 Associate Members

Associate members are second-wave banks that join the consortium with advisory governance rights and revenue shares, but without full capital and infrastructure obligations.

This tier is designed for institutions that want influence and access without directly operating validator nodes.

8.3 Indirect Participants and Whitelabel Solutions

Smaller banks and fintechs can participate as indirect members, using whitelabel SDKs and an API gateway to offer Qivalis-backed digital euro wallets under their own brands.

They rely on founding banks for minting, burning, liquidity, and compliance, allowing them to focus on customer relationships and user experience.

9.1 Reserve Interest and Central Utility Economics

The primary revenue source for Qivalis B.V. is interest earned on the reserve portfolio of cash and high-quality liquid assets, within MiCAR constraints.

At a hypothetical €10 billion market cap and 2.5% average yield, reserve interest could generate around €250 million in gross annual revenue.

9.2 Bank-Level Service Revenues

Member banks earn revenue through value-added services such as minting and burning, custody, tokenization support, and premium treasury integrations.

Central reserve income is partially rebated to member banks based on the liquidity they bring to the network, aligning incentives for adoption.

9.3 Non-Interest Ecosystem Revenues

MiCAR prohibits paying interest directly on stablecoin balances, but banks can still monetize adjacent activities such as lending against Qivalis and charging for tokenization or advisory services.

The strategic value lies in retaining clients within regulated bank ecosystems rather than losing digital asset flows to non-EU platforms.

10.1 Redemption at Par and Legal Claims

Holders have a legal right to redeem Qivalis tokens at par (1:1) into euros at any time, and issuers are prohibited from charging redemption fees.

These rights are embedded in MiCAR and explicitly documented in the Qivalis white paper and contractual terms.

10.2 Asset Segregation and Insolvency Protection

Reserves are held in segregated accounts that remain outside the insolvency estates of Qivalis B.V. and the member banks.

Token holders enjoy super-priority claims over these reserves in an insolvency event, placing them ahead of general creditors.

10.3 Recovery Triggers and Top-Up Obligations

Pre-defined triggers such as abnormal redemption spikes or temporary reserve coverage deviations activate a recovery plan overseen by regulators.

Member banks are contractually obligated to top up reserves under certain stress scenarios to maintain full backing.

10.4 Wind-Down and Redemption Procedures

In a dissolution scenario, a pre-appointed independent administrator takes control of reserves and switches contracts to “redemption only” mode.

Token holders submit Qivalis to a burn address and receive corresponding euro bank transfers, with a target timeframe of 30–60 days for full redemption.

11.1 Qivalis vs. Digital Euro

The Digital Euro, expected no earlier than 2029, is a central bank digital currency focusing on retail access and privacy.

Qivalis is privately issued by banks and focuses on commercial, wholesale, and programmable use cases, seeking to set technical standards ahead of the CBDC rollout.

11.2 Qivalis vs. US Dollar Stablecoins

Qivalis is euro-denominated and fully MiCAR-compliant, with a clear regulatory regime, passporting rights, and transparent reserve structures.

US dollar stablecoins like USDT and USDC face EU constraints on non-euro tokens used as means of exchange and may be restricted or delisted on regulated platforms.

11.3 Qivalis vs. Tether (USDT)

Tether remains the most liquid global stablecoin, especially for trading and offshore use, but faces structural barriers in the EU under MiCAR.

Qivalis aims to gain share by being integrated directly into regulated bank accounts, offering legal certainty and business-grade protections that offshore issuers cannot match in the EU.

12.1 Timeline and Milestones

12.2 Launch Cities and Priority Sectors

Initial focus is on high cross-border flow and crypto-aware hubs such as Amsterdam, Milan, Rome, Madrid, Barcelona, and Vienna.

Priority sectors include export-driven manufacturing, tourism and hospitality, and capital markets use cases aligned with tokenized securities.

12.3 Retail, Travel, and Commerce Partnerships

Qivalis-based payments are being explored with airlines, hotel chains, supermarkets, and luxury brands for checkout integration and on-chain proof of authenticity.

These partnerships aim to demonstrate lower fees, faster settlement, and enhanced customer journeys relative to traditional card payments.

13.1 Bank-Native Wallet UX

For most users, Qivalis appears as an additional balance in existing banking apps, using familiar authentication methods such as biometrics.

This approach abstracts away seed phrases and private key management while still enabling on-chain settlement in the background.

13.2 Wero and Q-Pay Integration

Payments can be initiated using QR codes or deep links via Wero and bank-branded “Q-Pay” options at checkout, offering instant settlement and reduced merchant fees.

Merchants can also benefit from richer on-chain metadata for refunds, reconciliation, and loyalty programs.

13.3 Example Payment Scenario

A €50,000 invoice from a German buyer to a French supplier can settle instantly late on a Friday, with Qivalis converting bank balances to tokens, executing an on-chain transfer, and updating both parties’ ERP systems automatically.

This removes weekend float and manual reconciliation, freeing working capital and reducing operational risk.

14.1 Q-Connect API

The Q-Connect API is a RESTful gateway that lets developers mint, transfer, escrow, and reconcile Qivalis transactions without writing smart contracts directly.

Core endpoints include minting from bank balances, whitelisted transfers, escrow creation, and reconciliation by transaction hash and bank reference.

14.2 DevNet / Sandbox Environment

An EVM-compatible DevNet, built with technologies such as Polygon CDK, offers near-zero gas fees and high throughput for testing.

Developers can use test-euro faucets and webhook integrations to simulate production flows with real-time notifications to ERP or treasury systems.

14.3 Security, Governance, and Circuit Breakers

Qivalis uses multi-party computation and threshold signatures so that high-value transfers require approvals from both corporate signatories and automated bank compliance systems.

A governance multisig composed of the ten banks operates a circuit breaker that can pause the protocol in case of severe security incidents, in line with MiCAR safety expectations.

15.1 Zero-Fee and Low-Fee Transfers

Member banks plan to offer Qivalis transfers at zero or significantly reduced fees, particularly for cross-border intra-consortium payments.

This pricing strategy is intended to undercut traditional SEPA Instant and card-based transactions where feasible.

15.2 Bank-Specific Loyalty and Perks

Banks can layer their own loyalty programs and incentives, such as merchant-funded cashback, programmable savings, or NFT-based authenticity and membership experiences.

These differentiated perks allow each bank to compete on user experience while sharing the same underlying settlement infrastructure.

15.3 Early Adopter Target Segments

Initial adoption efforts focus on SMEs with cross-border operations, corporate treasuries with 24/7 liquidity needs, tech-savvy retail users, and high-net-worth individuals moving large sums across borders.

These segments stand to benefit most from instant settlement, programmable workflows, and reduced friction in cross-border payments.