Fireblocks to Launch Euro Stablecoin with Support from 12 European Banks

A group of 12 prominent European banks, collectively known as the Qivalis consortium, has partnered with Fireblocks to introduce a euro-backed stablecoin. Scheduled to 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 comprises Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. As a cryptocurrency with its value pegged to the euro, this stablecoin aims to challenge the dominance of dollar-denominated stablecoins, which currently account for 99% of the $305 billion stablecoin market. With the euro being the second-most traded currency globally, the Qivalis consortium seeks to capitalize on this opportunity with a regulated and compliant offering. According to Fireblocks Co-Founder and CEO Michael Shaulov, 'Qivalis showcases the ability of major financial institutions to collaborate on a large-scale, compliant euro-backed stablecoin project, complete with production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'