European Banks Collaborate on Euro Stablecoin with Fireblocks

A group of 12 major European banks has partnered with Fireblocks, a leading cryptocurrency custody firm, to introduce a euro-backed stablecoin. The Qivalis consortium, comprising Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit, aims to launch the stablecoin in the second half of 2026. The Dutch Central Bank will regulate the token through Amsterdam-based Qivalis, ensuring compliance with the EU's Markets in Crypto-Assets Regulation (MiCAR). The stablecoin market, which reached $305 billion in January 2026, is currently dominated by dollar-denominated assets, with euro-pegged assets accounting for only $650 million. The Qivalis consortium seeks to challenge this dominance with a regulated, MiCAR-compliant 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, large-scale euro-backed stablecoins with production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'