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-denominated stablecoin, backed by a group of 12 prominent European banks. The Qivalis consortium, comprising major banks such as CaixaBank, Danske Bank, and UniCredit, is driving this initiative. The euro-backed token, slated for release in the second half of 2026, will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The stablecoin market, which reached $305 billion in January 2026, is currently dominated by dollar-denominated assets, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge this dominance with a regulated, MiCAR-compliant euro 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 showcases how major financial institutions can collaborate to develop compliant euro-backed stablecoins at scale, with infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'