A group of 12 prominent European banks, collectively known as the Qivalis consortium, has partnered with cryptocurrency custody firm Fireblocks to introduce a euro-backed 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 dollar or euro, 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.
The Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins with a compliant, MiCAR-regulated euro-backed offering. As the second-most traded currency globally, the euro has 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 large-scale, compliant euro-backed stablecoin, leveraging production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'