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

A coalition of twelve major European financial institutions, collectively known as the Qivalis consortium, is collaborating with cryptocurrency custody firm Fireblocks to develop and launch a euro-backed stablecoin. This stablecoin, scheduled for release in the latter half of 2026, will be regulated by the Dutch Central Bank and compliant 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. As of January 2026, the stablecoin market reached $305 billion, with the vast majority being dollar-denominated, leaving euro-pegged assets at just $650 million. The Qivalis consortium seeks to challenge dollar dominance with a regulated euro-backed stablecoin. The euro, as the world's second-most traded currency, averages nearly $1.1 trillion in daily volume. According to Michael Shaulov, Co-Founder and CEO of Fireblocks, 'Qivalis showcases the ability of major financial institutions to collaborate on a compliant, large-scale euro-backed stablecoin, complete with production-ready infrastructure that meets MiCAR requirements, handles institutional volumes, and integrates seamlessly with existing banking systems.'