A group of twelve major European banks, collectively known as the Qivalis consortium, has partnered with Fireblocks, a leading cryptocurrency custody firm, to introduce a euro-denominated stablecoin. Scheduled for launch in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and will comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium consists of Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
Stablecoins, which are cryptocurrencies pegged to external references like the euro or dollar, have seen significant growth, with the market reaching $305 billion in January 2026. However, the vast majority of this volume is dollar-denominated, with euro-pegged assets accounting for only $650 million.
By introducing a regulated, MiCAR-compliant euro-backed stablecoin, the Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins. The euro is the second-most traded currency globally, with a daily average volume of nearly $1.1 trillion.
According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases how major financial institutions can collaborate to develop compliant, euro-backed stablecoins at scale, leveraging production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'