Qivalis, a consortium of twelve prominent European banks aiming to introduce an euro-backed stablecoin, has chosen Fireblocks as its key infrastructure provider.
Through this agreement, Fireblocks will offer comprehensive tokenization and treasury management services, ensuring secure creation, circulation, and lifecycle oversight of the euro-denominated stablecoin, expected to launch in 2026’s second half.
The twelve participating banks are Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. This offering is subject to approval by De Nederlandsche Bank via Qivalis in Amsterdam and will adhere strictly to the EU’s Markets in Crypto-Assets Regulation.
Technical Infrastructure and Industry Context
Fireblocks will handle the issuance and protection of the stablecoin using its advanced tokenization technology and ERC-20F standard, designed for permissioned access, compliance oversight, and auditable reporting. The system integrates AML and KYC checks, sanctions filtering, and fraud detection into daily operations. Each bank can provide custody, wallet services, and payment coordination to their customers within this shared framework, using detailed permissioning and role-based governance.
The euro stablecoin sector currently lags significantly compared to dollar-backed counterparts. While the overall global stablecoin market stood at USD 305 billion in January 2026, euro-pegged assets account for only approximately USD 650 million, making up less than 1% of total stablecoin supply. Stablecoin trading volumes surged to USD 33 trillion globally in 2025, growing by 75% year-over-year, with the fourth quarter alone seeing transactions worth over USD 11 trillion.
Commenting on this move, Jan Sell, CEO at Qivalis, stated that Europe requires a regulated euro-backed stablecoin supported by reputable financial institutions. Michael Shaulov, Co-Founder and CEO of Fireblocks, elaborated that the Qivalis initiative showcases how major financial entities can collaborate to introduce a compliant, scalable euro-backed stablecoin with operational readiness.
