Qivalis, a consortium of twelve major European banks formed to launch a euro-backed stablecoin, has selected Fireblocks as its core infrastructure partner. The initiative comes ahead of the launch of Qivalis, planned for the second half of 2026.
The twelve member banks are Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. The offering is subject to authorisation by De Nederlandsche Bank through Amsterdam-based Qivalis and is designed to comply fully with the EU's Markets in Crypto-Assets Regulation (MiCAR).
Infrastructure architecture and market context
Fireblocks will deliver the technology infrastructure to issue and secure the stablecoin, leveraging its tokenization engine and ERC-20F standard, which is built for permissioned access, compliance controls, and audit-ready reporting. The platform incorporates AML and KYC controls, sanctions screening, and fraud monitoring directly into transaction workflows. Each member bank will have the option to offer custody, wallet services, and payment orchestration to its clients, with granular permission controls and role-based governance.
The euro stablecoin market remains significantly underserved relative to dollar-denominated equivalents. Despite the global stablecoin market reaching USD 305 billion in January 2026, euro-pegged assets represent approximately USD 650 million, less than 1% of total stablecoin circulation. Stablecoin transaction volumes reached USD 33 trillion globally in 2025, a 75% increase year-on-year, with USD 11 trillion transacted in the fourth quarter alone.
Talking about the move, Jan Sell, CEO at Qivalis, underlined that 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.
Expanding on this, Michael Shaulov, Co-Founder and CEO of Fireblocks, noted that Qivalis demonstrates how major financial institutions can work together to launch a compliant euro-backed stablecoin at scale with production-ready infrastructure.
