A group of a dozen major European banks is backing a euro-denominated stablecoin, and crypto custody firm Fireblocks will handle its issuance and distribution.
The project, run under the Amsterdam-based Qivalis consortium and regulated by the Dutch Central Bank, is slated to launch in the second half of 2026. It will be designed to meet the EU’s Markets in Crypto-Assets Regulation (MiCAR), the bloc’s new comprehensive rulebook for crypto issuers.
Qivalis’s banking members read like a who’s who of European finance: Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Together they aim to create a regulated, institution-ready euro stablecoin that can integrate with existing banking systems and handle large volumes.
The move comes amid a stark imbalance in the stablecoin market: by January 2026 the total market hit about $305 billion, but roughly 99% of that supply is dollar-denominated. Euro-pegged stablecoins represent only around $650 million today, despite the euro being the world’s second-most-traded currency with nearly $1.1 trillion in daily average trading volume. Qivalis hopes to challenge dollar dominance with a compliant euro alternative that appeals to banks and institutional users.
“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,” said Michael Shaulov, co-founder and CEO of Fireblocks.
If successful, the initiative could broaden on-ramp options for euro liquidity in crypto markets and offer an EU-regulated pathway for institutions seeking euro-denominated digital cash.
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