Fireblocks to Launch Euro Stablecoin with Backing from 12 European Banks

A group of 12 prominent European banks, operating under the Qivalis consortium, has partnered with cryptocurrency custody firm Fireblocks to introduce a euro-backed stablecoin. Scheduled to launch in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and will 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 euro is the second-most traded currency globally, with a daily average volume of nearly $1.1 trillion, the Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins with a regulated, euro-pegged offering. According to Fireblocks Co-Founder and CEO Michael Shaulov, 'Qivalis showcases the ability of major financial institutions to collaborate on planning compliant euro-backed stablecoins at scale, with infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'