European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to issue and distribute a euro-denominated stablecoin, backed by the Qivalis consortium, comprising 12 prominent European banks. The token, 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 participating banks include Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. As the stablecoin market continues to grow, reaching $305 billion in January 2026, the Qivalis consortium aims to introduce a regulated, euro-pegged alternative to the predominantly dollar-denominated market. With the euro being the second-most traded currency globally, accounting for nearly $1.1 trillion in daily average volume, the consortium seeks to challenge the dollar's dominance. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin, with infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'