European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to issue and distribute a euro-backed stablecoin in partnership with the Qivalis consortium, comprising 12 prominent European banks. The stablecoin, expected to launch in the second half of 2026, will be regulated by the Dutch Central Bank and comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium includes major banks such as Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. With the global stablecoin market reaching $305 billion in January 2026, the Qivalis consortium aims to increase the presence of euro-pegged assets, which currently account for only $650 million. According to Fireblocks Co-Founder and CEO Michael Shaulov, the Qivalis project showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin initiative, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.