Twelve major European banks are backing a euro-denominated stablecoin called Qivalis, with crypto custody firm Fireblocks providing the underlying infrastructure.
Who Is in the Consortium
The Qivalis consortium includes Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, and Raiffeisen Bank International, among others. The group spans France, Spain, Germany, Italy, Belgium, Denmark, and Austria.
That breadth is unusual for a stablecoin project. Most private stablecoin efforts in Europe have been single-institution or two-institution initiatives. A twelve-bank consortium signals a coordinated attempt to create a market-wide instrument rather than a proprietary settlement token.
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What Fireblocks Brings
Fireblocks specialises in crypto asset custody and settlement infrastructure for institutional clients. Its role in Qivalis covers the technical layer that banks need to issue, transfer, and redeem a tokenised euro.
The firm has not published details on how the Qivalis token will be collateralised. It is not yet confirmed whether the stablecoin will be backed one-to-one by euro deposits or use a more complex reserve structure.
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Regulatory Background
The *Markets in Crypto-Assets* regulation, known as MiCA, came into force across the European Union in 2024. It created a formal licensing path for euro stablecoins, called electronic money tokens. Any issuer must hold full backing in high-quality liquid assets and be licensed by a national financial regulator.
MiCA's arrival accelerated bank interest in stablecoin infrastructure. Banks that issue a compliant euro stablecoin gain direct control over a payment rail that competes with card networks and Swift.
Qivalis has not yet disclosed which national regulator will supervise the issuance or which entity will hold the legal issuer licence.
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