European Banking Consortium Partners with Fireblocks to Launch Euro Stablecoin

Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the launch of a euro-backed stablecoin in partnership with the Qivalis consortium, comprising Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Scheduled for release in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion market, by offering a regulated, euro-pegged alternative. With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its potential, backed by a daily average volume of nearly $1.1 trillion. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin, complete with production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'