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-backed stablecoin, supported by the Qivalis consortium, comprising 12 prominent European banks. Scheduled for release in the second half of 2026, the token will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation. The Qivalis consortium consists of Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. As the stablecoin market reaches $305 billion, with 99% being dollar-denominated, the Qivalis consortium aims to introduce a regulated euro-pegged asset. With the euro being the second-most traded currency globally, the consortium seeks to challenge dollar dominance. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, 'Qivalis showcases how major financial institutions can collaborate to develop compliant euro-backed stablecoins at scale, with infrastructure that meets MiCAR requirements and integrates with existing banking systems.'