European Banking Consortium Partners with Fireblocks to Launch Euro Stablecoin

A consortium of 12 major European banks, including Banca Sella, BBVA, and UniCredit, has partnered with Fireblocks, a leading cryptocurrency custody firm, to develop and launch a euro-backed stablecoin. Scheduled for release 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 aims to create a regulated, euro-denominated stablecoin that can challenge the dominance of dollar-pegged assets in the stablecoin market, which reached $305 billion in January 2026. With the euro being the second-most traded currency globally, the consortium seeks to capitalize on its potential by offering a compliant and production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of major financial institutions to collaborate and develop compliant euro-backed stablecoins at scale, leveraging infrastructure that meets regulatory demands and handles institutional volumes.'