Finance
What to know:
- BNP Paribas marches into the fray of 9 European banks crafting a euro stablecoin under Qivalis, a venture that smells faintly of ambition and desperation. 🐄
- Jan-Oliver Sell, ex-Coinbase Germany’s crypto sorcerer, now CEO of Qivalis-because nothing says “trust” like a former crypto bro. 🎩✨
- The grand plan? To outwit U.S. stablecoins with EU-grade digital cash-though the euro’s stablecoin army seems to have forgotten how to march. 🪙🐣
BNP Paribas, France’s largest bank (or as Gogol might call it, “a fortress of paper and paranoia”), announced its alliance with 9 other banks to launch Qivalis, a stablecoin venture. Why? Because nothing unites Europe faster than blockchain and the sacred cow of “regulatory compliance.” 🐮
This Amsterdam-based cabal, bolstered by ING, UniCredit, and CaixaBank, now seeks an electronic money license from the Dutch Central Bank. Their goal: to unveil their stablecoin in 2026-just in time for the next financial crisis. 🕰️💥
Qivalis has appointed Jan-Oliver Sell, a man who once traded crypto in Germany, as CEO. One can only imagine the existential dread of a bank boardroom filled with bankers nodding solemnly as a former crypto bro winks at them. 😏
The venture claims to build “blockchain-native” payment systems compliant with MiCA regulations-those labyrinthine decrees of Brussels bureaucrats. BNP Paribas insists this will satisfy corporate clients, though one wonders if they’ve ever met a client who isn’t terrified of the word “compliance.” 🧾
Stablecoins, those crypto parrots mimicking fiat money, are booming. Qivalis’ 10 banks aim to dethrone U.S.-backed coins like USDT and USDC. But their euro-backed tokens? A paltry $670 million supply. For context, Société Générale’s EURCV is worth $62 million-enough to buy a small goat. 🐐
Circle’s EURC leads the pack with $330 million, while Qivalis’ governance framework remains a work in progress. Regulatory approval? Expected by 2026, which is just a fancy way of saying “we’ll cross that bridge when it collapses.” 🌉
And so, the dance continues: banks, cryptos, and the eternal quest to make money move faster than a bureaucrat’s coffee break. 🚀☕
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2025-12-02 19:11