European Banks Collaborate on Euro Stablecoin with Fireblocks

Fireblocks, a leading cryptocurrency custody firm, is set to facilitate the launch of a euro-backed stablecoin, supported by a group of 12 prominent European banks. Scheduled for release in the second half of 2026, this stablecoin will be regulated by the Dutch Central Bank and compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR). The participating banks include Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. With the stablecoin market reaching $305 billion in January 2026, the Qivalis consortium aims to challenge the dominance of dollar-denominated stablecoins with a regulated, euro-pegged offering. According to Fireblocks Co-Founder and CEO Michael Shaulov, 'Qivalis showcases the potential for major financial institutions to collaborate on compliant, large-scale euro-backed stablecoins, leveraging production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'