A group of twelve prominent European banks, collectively known as the Qivalis consortium, has partnered with Fireblocks, a leading cryptocurrency custody firm, to develop and launch a euro-denominated stablecoin. Scheduled for release in the latter half of 2026, this stablecoin will be regulated by the Dutch Central Bank and will comply with the European Union's Markets in Crypto-Assets Regulation (MiCAR). The participating banks include 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 the value of traditional currencies like the euro or dollar, have seen significant growth, with the global stablecoin market reaching $305 billion in January 2026. However, the market is currently dominated by dollar-denominated stablecoins, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge this dominance by introducing a regulated, euro-backed stablecoin that meets MiCAR requirements. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on the development of compliant, euro-backed stablecoins at scale, leveraging production-ready infrastructure that integrates seamlessly with existing banking systems.'