PANews March 2 Report: According to CoinDesk, Qivalis, formed by 12 EU banks including ING, UniCredit, BNP Paribas, CaixaBank, and BBVA, is in advanced talks with multiple crypto exchanges, market makers, and liquidity providers. The plan is to launch a euro-pegged stablecoin compliant with MiCA regulations in the second half of this year, with sufficient liquidity at the initial launch on a regulated platform. Qivalis states that the stablecoin will be backed 1:1 by at least 40% bank deposits and the rest in high-quality, short-duration Eurozone sovereign bonds, custodized by multiple high-rated agencies, and will support 24/7 redemption. The project is currently applying for authorization under the MiCA framework from the Dutch Central Bank, aiming to provide a regulated USD stablecoin alternative and real-time cross-border corporate payment tool for the Eurozone.
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