A group of 12 prominent European banks, known as the Qivalis consortium, has partnered with Fireblocks, a leading cryptocurrency custody firm, to develop and distribute a euro-backed stablecoin. Scheduled for release in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The consortium comprises Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
Stablecoins are digital currencies pegged to traditional currencies like the euro or dollar, with the global stablecoin market reaching $305 billion in January 2026, albeit with a dominant dollar-denominated volume. The Qivalis consortium aims to challenge this dominance with a regulated, euro-pegged stablecoin, capitalizing on the euro's status as the world's second-most traded currency, with a daily average volume of nearly $1.1 trillion. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant, euro-backed stablecoin at scale, with infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'