European Banks Collaborate on Euro Stablecoin with Fireblocks

A group of 12 prominent European banks, known as the Qivalis consortium, has partnered with Fireblocks, a leading cryptocurrency custody firm, to 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 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 majority of this volume is dollar-denominated, with euro-pegged assets accounting for only $650 million. The Qivalis consortium aims to challenge dollar dominance with a regulated, euro-backed 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, handles institutional volumes, and integrates seamlessly with existing banking systems.'