European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the issuance and distribution of a euro-denominated stablecoin, backed by a group of 12 prominent European banks. This stablecoin, scheduled to launch in the second half of 2026, will be regulated by the Dutch Central Bank and compliant 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. Stablecoins, which are cryptocurrencies pegged to external references like the euro or dollar, have seen significant growth, with the market reaching $305 billion in January 2026. However, the vast majority of this volume is dollar-denominated, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge this dominance with a regulated, MiCAR-compliant euro-backed stablecoin. As the second-most traded currency globally, with a daily average volume of nearly $1.1 trillion, the euro presents a significant opportunity for stablecoin growth. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis demonstrates how major financial institutions can collaborate to develop compliant euro-backed stablecoins at scale, with infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'