A consortium of twelve leading European banks has announced a major initiative to launch a new euro-backed stablecoin, aiming to challenge the dominance of dollar-pegged digital assets in the region. Based in Amsterdam and operating under the supervision of the Dutch Central Bank, this project—called Qivalis—is set to adhere fully to the European Union’s Markets in Crypto-Assets Regulation (MiCAR). Founding members include Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. The stablecoin is slated for release in the second half of 2026, representing a rare collaboration among Europe’s largest financial institutions.
Qivalis consortium and project details
With Qivalis, the consortium intends to offer a robust alternative to dollar-based stablecoins, which currently dominate the global digital asset marketplace. As of January 2026, the total stablecoin market has grown to $305 billion, though euro-based assets represent only $650 million. Qivalis aims to remedy this imbalance and elevate the euro’s standing in the digital economy.
Bringing together major European banks under one umbrella, Qivalis seeks to establish new standards in both infrastructure security and regulatory compliance. Operating from Amsterdam under the oversight of the Dutch Central Bank, the project is designed from the ground up to align precisely with MiCAR’s comprehensive regulations for crypto asset markets in the EU.
Infrastructure and security insights
The technical release and management of the new euro stablecoin will be handled by Fireblocks, an industry leader in digital asset custody. Collaborating closely with the consortium’s member banks, Fireblocks is providing a scalable, enterprise-grade platform designed to handle large institutional volumes while integrating seamlessly with traditional finance systems. Since its establishment in 2018, the US-based firm has served many of the world’s top banks, maintaining a focus on secure digital asset storage and transfer.
Highlighting the collaborative spirit of the initiative, Qivalis demonstrates how major financial institutions can co-develop a fully regulated, scalable, and integrated euro stablecoin. Fireblocks CEO Michael Shaulov confirmed that their infrastructure will meet all MiCAR standards and is ready to support institutional transaction volumes.
Globally, the euro is the second most traded currency, averaging a daily transaction volume of $1.1 trillion. The Qivalis stablecoin venture is intended to bolster this established financial network by extending its reach into digital transactions for the modern era.
Market goals and regulatory compliance
The consortium’s focus is on ensuring that the new stablecoin meets MiCAR requirements and delivers full transparency. By providing a secure, fully supervised digital asset, Qivalis aims to bridge the gap between conventional finance and crypto markets, particularly for large-scale institutional transfers.
Market analysts emphasize that euro-pegged digital assets could play a critical role in ensuring financial stability and regional autonomy. They also point out that this unified effort by twelve banks is likely to pave the way for further digital finance innovations across Europe.
