PANews reported on March 2nd that, according to CoinDesk , Qivalis , a consortium of 12 EU banks including ING , UniCredit , BNP Paribas , CaixaBank , and BBVA , is in advanced discussions with multiple cryptocurrency exchanges, market makers, and liquidity providers. They plan to launch a MiCA- compliant euro-pegged stablecoin in the second half of this year, with ample liquidity available from its initial launch on regulated platforms. Qivalis states that the stablecoin will be backed 1:1 by at least 40% bank deposits and the remainder by high-quality, short-duration Eurozone sovereign bonds, held in custody by multiple high-rated institutions, and will support 24/7 redemption. The project is currently applying for MiCA authorization from the Dutch Central Bank, aiming to provide the Eurozone with a regulated alternative to a dollar-denominated stablecoin and a real-time cross-border corporate payment tool.