A group of 12 major European banks, led by Qivalis, is building a fully regulated euro stablecoin to strengthen Europe’s position in digital finance. The consortium has partnered with Fireblocks to deliver the technical backbone, including custody, wallet infrastructure, and compliance tools such as identity verification and sanctions screening.

Backed by institutions like BBVA, BNP Paribas, ING, and UniCredit, the project aims to launch in the second half of 2026. It will operate under the EU’s Markets in Crypto Assets Regulation, with oversight from De Nederlandsche Bank, ensuring full regulatory compliance.