Fireblocks Powers Euro Stablecoin Initiative Backed by 12 European Banks

A group of 12 major European banks, collectively known as the Qivalis consortium, has partnered with cryptocurrency custody firm Fireblocks to introduce a euro-denominated 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 participating banks include 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 the value of traditional currencies like the euro or dollar, have seen significant growth, with the market reaching $305 billion in January 2026. However, the vast majority of this volume is dollar-denominated, with euro-pegged assets making up only $650 million. The Qivalis consortium aims to challenge this dominance with a regulated, compliant euro-backed stablecoin offering. As the second-most traded currency globally, with a daily average volume of nearly $1.1 trillion, the euro presents a significant opportunity for stablecoin growth. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the potential for major financial institutions to collaborate on large-scale, compliant euro-backed stablecoin projects, leveraging infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'