Table of Contents
Amsterdam, April 21, 2026.
A consortium of 12 leading European banks operating under the Qivalis joint venture has chosen digital asset infrastructure provider Fireblocks to power the development and issuance of a fully MiCA-compliant euro-denominated stablecoin.
Key Takeaways
- Consortium Scale: Twelve major European banks have united under Qivalis to issue a single, neutral euro stablecoin.
- Full MiCA Compliance: The token will be regulated as an EMT under DNB supervision, ensuring 1:1 backing, reserve attestations, and robust consumer protections.
- Fireblocks Infrastructure: Provides tokenization, custody, treasury management, and built-in compliance tooling tailored for institutional use.
- Launch Timeline: Commercial rollout planned for H2 2026, subject to final regulatory approval.
- Market Impact: Aims to bridge traditional finance and blockchain, enabling faster cross-border payments, programmable money, and tokenized asset settlement.
The project, targeting commercial launch in the second half of 2026, marks a significant step toward establishing a regulated, bank-backed digital euro alternative in the growing stablecoin market.
Qivalis, an Amsterdam-based entity formed in 2025, will operate as an Electronic Money Institution (EMI) under the supervision of De Nederlandsche Bank (DNB).
The stablecoin will be issued as a 1:1 asset-referenced electronic money token (EMT), fully backed by euro reserves and high-quality liquid assets in line with the EU’s Markets in Crypto-Assets Regulation (MiCA).
The 12 participating banks are:
- Banca Sella
- BBVA
- BNP Paribas
- CaixaBank
- Danske Bank
- DekaBank
- DZ BANK
- ING
- KBC
- Raiffeisen Bank International
- SEB
- UniCredit
Collectively, these institutions represent a broad cross-section of Europe’s banking sector across France, Spain, Germany, Italy, the Netherlands, Belgium, Denmark, and Austria.
Fireblocks will deliver the end-to-end technical infrastructure, including its Tokenization Engine for secure issuance and redemption, enterprise-grade custody solutions, treasury management systems, and advanced compliance tools such as identity verification, sanctions screening, and AML/KYC controls.
The platform will enable institutional-grade wallet infrastructure and support programmable payments and 24/7 on-chain settlement.
Jan Sell, CEO of Qivalis, emphasized the strategic importance of the partnership: “Europe needs a regulated euro-backed stablecoin option backed by trusted financial institutions and that Fireblocks’ platform provides the security, compliance controls, and operational infrastructure to deliver a true European alternative for digital cross-border settlement.”
Michael Shaulov, Co-Founder and CEO of Fireblocks, added: “Qivalis demonstrates how major financial institutions can work together to launch a compliant euro-backed stablecoin at scale with production-ready infrastructure.”
The move comes as the global stablecoin market exceeds $305 billion, with euro-denominated tokens currently accounting for less than 0.2% of total supply (approximately $650 million).
Industry observers see the Qivalis initiative as a direct response to the dominance of USD-pegged stablecoins and a push to strengthen European monetary sovereignty in digital finance.
Conclusion
The selection of Fireblocks by the Qivalis consortium represents a milestone in Europe’s digital asset journey.
By combining the credibility of Europe’s largest banks with institutional-grade technology and clear MiCA regulatory oversight, Qivalis is positioned to deliver a secure, scalable euro stablecoin that meets the needs of both financial institutions and the broader digital economy.
As the project advances toward its 2026 launch, it could accelerate the adoption of regulated on-chain euro solutions and help rebalance the global stablecoin landscape.
Read Next:
- Stablecoin Insider Releases First Industry-Wide SEO & AEO Authority Report
- Stablecoin Insider Partners with The Grid to Launch the Industry's Largest Stablecoin Directory
- Bitcoin Policy Institute Releases “Stablecoin Supremacy” Policy Proposal
FAQs:
1. What is the Qivalis consortium?
Qivalis is a Netherlands-based joint venture formed by 12 major European banks to develop and issue a regulated euro stablecoin compliant with the EU’s MiCA regulation.
2. Which banks are part of the Qivalis consortium?
The consortium includes Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
3. What role does Fireblocks play?
Fireblocks is providing the core infrastructure, including tokenization, digital custody, treasury management, and compliance tools, to enable secure issuance, distribution, and lifecycle management of the euro stablecoin.
4. When will the MiCA-compliant euro stablecoin launch?
Qivalis targets a commercial launch in the second half of 2026, pending final authorization from De Nederlandsche Bank.
5. Why is this euro stablecoin important for Europe?
It addresses the current dominance of USD stablecoins, offers a fully regulated European alternative for 24/7 payments and settlement, and supports innovation in digital finance while maintaining high security and compliance standards.
Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
