European Banks Unite to Launch Euro Stablecoin with Fireblocks

A group of 12 prominent European banks has partnered with Fireblocks, a leading cryptocurrency custody firm, to develop and launch a euro-backed stablecoin. The Qivalis consortium, comprising Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit, aims to introduce the stablecoin in the second half of 2026. The Dutch Central Bank will regulate the euro-denominated token through Amsterdam-based Qivalis, ensuring compliance with the EU's Markets in Crypto-Assets Regulation (MiCAR). Stablecoins, which are cryptocurrencies pegged to external references like fiat currencies, have seen significant growth, with the market reaching $305 billion in January 2026. However, the majority of this volume is dollar-denominated, with euro-pegged assets accounting for only $650 million. The Qivalis consortium seeks to challenge this dominance by offering a regulated, MiCAR-compliant euro-backed stablecoin. As the second-most traded currency globally, the euro has a daily average volume of nearly $1.1 trillion. 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 production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'