European cryptocurrency custody firm Fireblocks is set to oversee the issuance and distribution of a euro-backed stablecoin, supported by a group of twelve major European financial institutions. The stablecoin, expected to be released in the latter half of 2026, will be regulated by the Dutch Central Bank and comply with the European Union's Markets in Crypto-Assets Regulation. The participating banks include Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
As the stablecoin market reached $305 billion in January 2026, with a vast majority being dollar-denominated, the Qivalis consortium aims to introduce a regulated, euro-pegged alternative. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, this collaboration demonstrates the ability of major financial institutions to work together in developing compliant, large-scale euro-backed stablecoins with seamless integration into existing banking systems.