European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is spearheading the development of a euro-backed stablecoin in partnership with the Qivalis consortium, comprising 12 prominent European banks. Scheduled for launch in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium consists of major banks such as 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 external references like the euro or dollar, have seen significant growth, with the market reaching $305 billion in January 2026. However, the stablecoin market 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-backed stablecoin. According to Fireblocks' Co-Founder and CEO, Michael Shaulov, 'Qivalis demonstrates 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.'