12 Banks Back Euro Stablecoin

Twelve European banks are moving ahead with a euro stablecoin, with the Qivalis consortium selecting Fireblocks to build the token under European Union crypto rules. (prnewswire.com) Qivalis said on April 21 that the coin is scheduled for the second half of 2026 and will use Fireblocks for issuance, distribution, treasury management and token lifecycle operations. CoinDesk reported the group as a consortium of 12 European banks. (prnewswire.com) (coindesk.com) The project is being structured as a euro-backed token under the European Union’s Markets in Crypto-Assets regulation, known as MiCA, with approval still tied to Dutch supervision. MiCA’s stablecoin rules apply to electronic money tokens that reference a single official currency such as the euro. (cointelegraph.com) (eba.europa.eu) A stablecoin is a digital token designed to keep a fixed price, usually by holding matching reserves, so users can move money on blockchain networks without the price swings of bitcoin or ether. Under MiCA, holders of an electronic money token have redemption rights at face value in the currency it tracks. (esma.europa.eu) (eba.europa.eu) European banks are pushing into this market as dollar tokens still dominate global crypto payments and trading. DefiLlama showed total stablecoin market capitalization above $320 billion on April 21, while CoinGecko’s euro-stablecoin category remained a small fraction of that market. (defillama.com) (coingecko.com) The euro effort follows an earlier bank consortium announced on September 25, 2025, when nine banks including ING, UniCredit, CaixaBank and Raiffeisen Bank International said they would issue a MiCA-compliant euro stablecoin. That group described the product as a European payment instrument for near-instant, low-cost settlement. (rbinternational.com) (danskebank.com) European regulators have spent the past year tightening the rulebook around stablecoins. The European Securities and Markets Authority said in a January 17, 2025 statement that issuing, offering and seeking trading admission for asset-referenced tokens and electronic money tokens are regulated activities under MiCA. (esma.europa.eu) The pitch from banks is that a regulated euro token could keep more digital-cash activity inside European legal and payments frameworks instead of routing it through dollar-backed coins issued elsewhere. If Qivalis clears supervision and launches on schedule, the test comes in the second half of 2026. (prnewswire.com) (danskebank.com)