Fireblocks to Launch Euro Stablecoin with Backing from 12 European Banks

A group of 12 major 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. The stablecoin, scheduled to launch in the second half of 2026, will be regulated by the Dutch Central Bank and 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 are digital currencies pegged to the value of traditional currencies like the euro or dollar. Despite the stablecoin market reaching $305 billion in January 2026, the vast majority of this volume is denominated in dollars, with euro-pegged assets accounting for a mere $650 million. The Qivalis consortium aims to challenge dollar dominance with a compliant, MiCAR-aligned euro stablecoin. As the world's second-most traded currency, the euro has a daily average trading volume of nearly $1.1 trillion. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of major financial institutions to collaborate on a large-scale, compliant euro-backed stablecoin, complete with production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'