Stablecoin

A consortium of 10 European banks, including BNP Paribas, is developing a euro-backed stablecoin to compete with US dollar stablecoins. The project will be registered in Amsterdam under the name Qivalis and aims for launch in H2 2026.

S&P Global Ratings has downgraded Tether’s USDT to its lowest stability level, citing insufficient reserves to cover a major Bitcoin price drop and a growing portfolio of risky assets.

U.S. Bank, the fifth-largest bank in the U.S., is developing a stablecoin on the Stellar network, joining other major financial institutions exploring digital currencies. The move is partly driven by new U.S. legislation, the GENIUS Act, which aims to regulate and encourage the use of dollar-pegged stablecoins.

Klarna, the ‘buy now, pay later’ giant, has announced it will launch a U.S. dollar-backed stablecoin called KlarnaUSD in 2026. The news comes as the company also prepares for a major U.S. stock market debut with a targeted $14 billion valuation.