A group of 12 major European banks, collectively known as the Qivalis consortium, has partnered with cryptocurrency custody firm Fireblocks to develop and distribute a euro-backed stablecoin. Scheduled to launch 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 includes banks such as Banca Sella, BBVA, BNP Paribas, and UniCredit. With the global stablecoin market valued at $305 billion in January 2026, the Qivalis consortium aims to increase the presence of euro-pegged assets, which currently account for only $650 million.
According to Fireblocks Co-Founder and CEO Michael Shaulov, the Qivalis project showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro stablecoin initiative, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.