European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is facilitating the issuance and distribution of a euro-backed stablecoin, supported by the Qivalis consortium, comprising 12 prominent European banks. The stablecoin, set to be released in the second half of 2026, is regulated by the Dutch Central Bank and complies with the EU's Markets in Crypto-Assets Regulation. The Qivalis consortium consists of major banks such as Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. Stablecoins are digital currencies pegged to external references like the euro or dollar. Although the stablecoin market reached $305 billion in January 2026, the euro-pegged assets account for only $650 million, with the majority being dollar-denominated. The Qivalis consortium aims to challenge this dominance with a regulated, compliant euro-backed stablecoin. The euro is the second-most traded currency globally, with a daily average volume of nearly $1.1 trillion. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases how major financial institutions can collaborate to develop compliant euro-backed stablecoins at scale, with infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'