European Banking Consortium Partners with Fireblocks to Launch Euro-Pegged Stablecoin

Fireblocks, a leading cryptocurrency custody firm, is set to issue and distribute a euro-backed stablecoin in partnership with the Qivalis consortium, comprising Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit. The euro-denominated token, scheduled for release in the second half of 2026, will be regulated by the Dutch Central Bank and comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). The Qivalis consortium aims to introduce a regulated, euro-pegged stablecoin to challenge the dominance of dollar-denominated assets in the stablecoin market, which reached $305 billion in January 2026. With the euro being the second-most traded currency globally, accounting for nearly $1.1 trillion in daily average volume, the consortium seeks to capitalize on this opportunity. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases how major financial institutions can collaborate to develop compliant, large-scale euro-backed stablecoins with production-ready infrastructure that meets MiCAR requirements and integrates seamlessly with existing banking systems.'