Qivalis, a consortium of twelve European banks, has selected Fireblocks as its infrastructure partner for a euro-backed stablecoin planned for launch in the second half of 2026.
Fireblocks will provide tokenisation and treasury management infrastructure to support issuance, distribution, and lifecycle management of the stablecoin.
The platform will also provide compliance features, including AML/KYC checks, sanctions screening, fraud monitoring, and audit-ready reporting, integrated into transaction workflows.
It will use its ERC-20F standard, designed for permissioned access and regulatory controls.
Qivalis, based in Amsterdam, will issue the stablecoin subject to approval by De Nederlandsche Bank. The structure aims to comply with the EU’s Markets in Crypto-Assets Regulation (MiCAR).
The consortium banks include Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.
Despite the stablecoin market reaching US$305 billion in January 2026, around 99% is dollar-denominated.
Euro-pegged stablecoins account for approximately US$650 million. The consortium aims to provide a regulated euro alternative for institutional use and cross-border settlement.
Fireblocks’ infrastructure will also support custody, wallet services, and payment orchestration for participating banks, depending on their implementation.
Its architecture allows multiple institutions to operate within a shared framework, with role-based permissions and governance controls.
“European banks now have both the regulatory framework and the institutional-grade infrastructure needed to scale stablecoins across the market,”
said Michael Shaulov, Co-Founder and CEO of Fireblocks.
“Qivalis demonstrates how major financial institutions can work together to plan a compliant euro-backed stablecoin at scale.”
Jan Sell, CEO of Qivalis, said:
“Europe needs a regulated euro-backed stablecoin option backed by trusted financial institutions. Fireblocks’ platform gives us the security, compliance controls, and operational infrastructure to deliver exactly that.”
Stablecoin transaction volumes reached US$11 trillion in Q4 2025, bringing full-year volumes to US$33 trillion, a 75% year-on-year increase.
Featured image credit: Edited by Fintech News Switzerland, based on image by HobieArt via Freepik
