A consortium of 12 major European banks, known as Qivalis, has partnered with cryptocurrency custody firm Fireblocks to launch a euro-backed stablecoin. Scheduled for release in the second half of 2026, this euro-denominated token is regulated by the Dutch Central Bank and complies with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium comprises 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 fiat currencies, have seen significant growth, with the market reaching $305 billion in January 2026. However, the stablecoin market remains dominated by dollar-denominated assets, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge this dominance with a regulated, compliant offering.
As the second-most traded currency globally, with a daily average volume of nearly $1.1 trillion, the euro presents a significant opportunity for growth. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on a compliant, euro-backed stablecoin at scale, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'