Qivalis Consortium of 12 European Banks Advances Euro Stablecoin Launch for H2 2026

Gate News message, April 21 — The Qivalis consortium, comprising 12 major European banks including BBVA, BNP Paribas, ING, and UniCredit, is advancing its euro stablecoin project with launch targeted for the second half of 2026. Fireblocks will handle issuance and distribution, while the Dutch central bank will provide oversight. The stablecoin will comply with the European Union’s Markets in Crypto-Assets Regulation (MiCAR).

The global stablecoin market currently stands at approximately $305 billion, with roughly 99% denominated in U.S. dollars. Euro-denominated stablecoins account for only about $650 million of the total market. Qivalis aims to expand euro stablecoin adoption in institutional use cases through a compliant product offering.