Priya Jaiswal has spent years navigating the high-stakes intersection of traditional banking and the rapidly evolving digital asset landscape. As a recognized authority on international business trends and market analysis, she offers a rare vantage point on the regulatory shifts currently reshaping the European financial sector. In this conversation, we explore the strategic evolution of Qivalis, from its origins as a nine-bank venture to its current status as a 37-bank powerhouse. We delve into the critical role of specialized leadership in achieving regulatory approval and the broader implications of establishing a euro-backed stablecoin to challenge global dollar dominance.
Olga Elsenga brings a wealth of experience from ClearBank and her work with the Dutch AFM. How does her background in MiCA notification and regulated banking change the trajectory for a project like Qivalis?
Olga Elsenga brings over two decades of legal and compliance expertise to the table, which is a massive win for Qivalis as they navigate the final hurdles of Dutch regulatory approval. Having led ClearBank Europe’s legal function and managed the MiCA notification process with the AFM, she knows exactly how to translate complex digital asset requirements into a language that traditional regulators respect. This isn’t just about checking boxes; it’s about building a fortress of trust in a sector often plagued by ambiguity. Her previous leadership roles, including a five-year tenure at Worldline Merchant Services, give her a sensory understanding of the high-stakes friction between innovation and governance, ensuring the 1:1-backed euro stablecoin is a verifiable reality.
The project has expanded from a four-bank group to a massive consortium of 37 European banks. What does this scale suggest about the future of euro-denominated assets on-chain?
The evolution from a small project in 2023 to a powerhouse consortium of 37 European banks is truly unprecedented in the digital asset space. By bringing in titans like BNP Paribas and ING, Qivalis is making a bold play to strip away the US dollar’s absolute dominance over the stablecoin market. You can feel the shift in momentum as the consortium looks to provide a legitimate, regulated alternative to the current dollar-heavy landscape. This massive network effect allows them to scale infrastructure at a pace that solo ventures simply cannot match, creating a tangible sense of security for institutional investors who want to move billions on-chain.
With a leadership team featuring former executives from Coinbase, ING, and CrossLend, how prepared is Qivalis to handle the operational complexities of a regulated debut later this year?
The management board reads like a who’s who of fintech leadership, blending the agility of crypto with the discipline of traditional banking. CEO Jan-Oliver Sell’s experience overseeing operations at Coinbase provides the necessary crypto-native vision, while CFO Floris Lugt brings the institutional rigor he perfected leading digital asset strategy at ING. When you combine that with COO Marco Hinz’s operational depth from his time at CrossLend, you see a team that understands both the mechanics of digital lending and the weight of regulatory compliance. They are moving with a quiet, calculated confidence toward their launch, focused on ensuring that every euro on-chain is as reliable as the physical currency in a vault.
What is your forecast for the euro-pegged stablecoin market?
I expect to see a significant surge in adoption as the 37 European banks in the consortium begin to integrate this 1:1-backed stablecoin into their daily settlement and cross-border payment rails. The market is increasingly hungry for a regulated, euro-denominated alternative that can withstand the rigorous scrutiny of the Dutch Central Bank and the AFM. As more institutions move their operations on-chain, the reliance on dollar-pegged assets will likely diminish in favor of regionally compliant options that offer lower exchange-rate volatility for European businesses. We are witnessing the culmination of a journey that began in 2023, and it will likely transform how billions of euros are moved across the continent between now and 2028.
