Trade finance, which represents the liquidity enabling enterprises to conduct international trade, has long been recognized as a prime candidate for distributed ledger updates. According to euro-pegged token issuer Qivalis, that potential is now being realized as the industry undergoes a transformation driven by stablecoins.
The steady and widespread influence that stablecoins exert on cross-border transactions is well documented, but trade finance specifically is experiencing a fundamental shift, noted Jan-Oliver Sell, CEO of Qivalis, which has integrated 37 European lenders over the past year.
Discussions with participants across the ecosystem indicate that trade finance has emerged as a primary focus in areas such as Asia, Latin America, and Africa, Sell explained. Furthermore, specialized trade finance funds that offer financial instruments while also purchasing commodities are witnessing a structural evolution, as their entire supply chains increasingly utilize stablecoins without needing to convert back into fiat currency.
"An exporter in East Africa conducts business with a partner in Kazakhstan entirely through stablecoins, bypassing any traditional off-ramping," Sell mentioned during a conversation. "This allows collateral to travel significantly faster, fundamentally altering the business model since you can rotate collateral within minutes rather than days."
Qivalis, an independent creator of a euro-backed stablecoin backed by an expanding group of shareholder banks, has also experienced substantial growth. Sell remarked that a year ago he was the sole worker, whereas Qivalis now employs roughly 40 staff members and approaches the acquisition of an Electronic Money Institution (EMI) license from the Dutch Central Bank (DNB). The objective is launching a regulated euro-denominated stablecoin by the conclusion of this coming year.
Previously, enterprise blockchain organizations such as R3 and Hyperledger focused on optimizing paper-based transaction procedures, including instruments like letters of credit. However, Sell highlighted that those efforts lacked the monetary leg and on-chain payment component.
"Today, stablecoins provide adequate liquidity, supplying the missing payment mechanism as well, meaning it is fascinating to hear direct accounts from industry practitioners regarding how drastically this alters their operations," he stated.
Although the stablecoin market remains dominated by U.S. dollar-pegged assets, particularly those from industry leaders Tether and Circle, Europeans ultimately will not operate on the dollar, Sell asserted. While that model may suit regions like Africa and South America where local currencies experience high volatility, it does not apply to the European Union.
"Neither Japanese nor Korean populations will conduct business in U.S. dollars, preferring the Korean won or Japanese yen instead," Sell observed. "Consequently, we are heading toward a multi-stablecoin environment where transaction flows will mirror traditional fiat patterns."
Commenting on recent updates from the United States regarding additional postponements for the Clarity Act, Sell noted this creates an extended advantage for Europe, where the Markets in Crypto Assets framework ensures regulatory certainty for institutions.
As a result, several recently formed U.S. banking stablecoin consortia likely trail Qivalis regarding an operational launch timeline, Sell added. "Observing the timeframe required for other bank-led stablecoin initiatives to launch will be intriguing, given that it took us three and a half years to reach this stage," he concluded.
Originally published at https://www.coindesk.com/business/2026/09/24/european-stablecoin-issuer-qivalis-sees-transformation-of-global-trade-finance.
