Fireblocks Collaborates with European Banks to Launch Euro Stablecoin

A group of twelve prominent European banks, collectively known as the Qivalis consortium, has partnered with Fireblocks, a leading cryptocurrency custody firm, to develop and distribute 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 Qivalis consortium comprises 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 the value of traditional currencies like the euro or dollar, have seen significant growth, with the market reaching $305 billion in January 2026. However, the vast majority of this market is dominated by dollar-denominated stablecoins, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge this dominance with a regulated, euro-denominated stablecoin that meets MiCAR requirements. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant, euro-backed stablecoin at scale, with infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'