A consortium of twelve European banks under Qivalis announced plans to launch a euro-denominated stablecoin in the second half of 2026. The project will rely on Fireblocks as its core infrastructure provider and operate under the European Union's Markets in Crypto-Assets Regulation (MiCA), positioning it among the first large-scale institutional stablecoin initiatives aligned with the new regulatory regime.
Global stablecoin market capitalization has reached roughly $305 billion at the start of 2026, yet euro-denominated assets account for only about $650 million. That imbalance underscores the absence of a scalable euro alternative rather than a lack of demand. In 2025, stablecoin transfers hit $33 trillion, including $11 trillion in Q4 alone, signaling that stablecoins have migrated from niche crypto tools to mainstream financial workflows.
Bank Lineup and Regulatory Backing
Members include Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. The De Nederlandsche Bank will supervise the initiative, with Qivalis headquartered in Amsterdam.
“Europe needs a regulated euro-backed stablecoin option backed by trusted financial institutions,” said Jan Sell, CEO of Qivalis. MiCA removed the regulatory uncertainty that previously kept large banks on the sidelines, allowing them to treat stablecoins as an extension of existing financial infrastructure.
Fireblocks Infrastructure: Compliance Embedded in Transaction Flows
Fireblocks supplies tokenization, custody, and treasury management systems. The platform uses an ERC-20F standard tailored for permissioned environments, enabling governance controls and compliance checks directly within transaction flows. AML/KYC processes, sanctions screening, and fraud monitoring are applied automatically throughout each transaction lifecycle.
“Qivalis demonstrates how major financial institutions can work together to plan a compliant euro-backed stablecoin at scale,” said Michael Shaulov, co-founder and CEO of Fireblocks. The architecture supports a multi-institution model: each bank runs its own services including custody and wallet management on a shared backbone, with role-based permissions governing network interactions.
Use Cases: From Crypto Trading to Core Banking
The consortium aims to integrate the stablecoin into corporate banking, trade finance, and securities settlement. Key use cases include 24-hour cross-border settlement, programmable payments, and automated treasury processes. These features address real corporate demand for faster settlement cycles without relying on correspondent banking networks.
By removing intermediaries, the model reduces counterparty risk, shortens delays, and enables more efficient capital movement between markets. For banks, it also opens new revenue streams through custody, transaction services, and payment orchestration.
The project's success hinges on regulatory execution. While MiCA sets the framework, approval from De Nederlandsche Bank remains a critical milestone. As regulatory clarity attracts more entrants, the first projects to gain authorization and scale could capture early positioning in the underdeveloped euro digital settlement segment.