Key Points
- 12 leading European banks, known as the Qivalis consortium, and the crypto custody firm Fireblocks are planning to launch a euro-pegged stablecoin in the second half of 2026.
- The Amsterdam-based Qivalis is regulated by the Dutch Central Bank.
Fireblocks, a cryptocurrency custody firm, and twelve European banks are preparing to introduce a euro-dominated stablecoin. Known as the Qivalis consortium, the twelve banks are leading the partnership with Fireblocks in an effort to launch the stablecoin in the second half of 2026. The stablecoin is regulated by the Dutch Central Bank through Amsterdam-based Qivalis.
It will also comply with the European Union’s Markets in Crypt-Assets Regulation (MiCAR), ensuring adherence to strict financial and operational standards.
Qivalis Consortium Members
The Qivalis consortium members include prominent financial institutions such as Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Together, they aim to challenge the dollar-pegged stablecoins.
Stablecoins are cryptocurrencies with values pegged to an external reference such as the dollar, euro, and other fiat currencies. Currently, the global stablecoin market reached $305 billion in January 2026, and nearly 99% of this value remains dollar-denominated. Euro-pegged stablecoins account for just $650 million. By leveraging institutional backing and regulatory compliance, Qivalis aims to expand the euro’s standing in the digital finance market.
Fireblocks will handle the issuance and distribution of the euro-pegged stablecoin. Michael Shaulov, Co-Founder and CEO of Fireblocks, said “Qivalis demonstrates how major financial institutions can work together to plan a compliant euro-backed stablecoins at scale - with production-ready infrastructure that will meet MiCAR requirements, handle institutional volumes, and integrate seamlessly with existing banking systems.”
